Gasoline prices fall to $2.94 a gallon (it was $1.46 when * took office)

[UpInArms]

Source: Reuters

NEW YORK (Reuters) - The average price for a gallon of gasoline in the United States fell more than 3 cents over the last two weeks as retailers and refiners saw shrinking margins in an oversupplied market.

The national average for self-serve, regular unleaded gas was nearly $2.9423 a gallon on February 8, down about 3.5 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.

Gasoline prices are up about 74 cents per gallon from a year ago, survey editor Trilby Lundberg said, adding that January is typically the slowest month for demand.

<snip>

Lundberg also noted that the price of crude is about $91.77 a barrel, from less than $60 a year ago.

Read more: http://www.reuters.com/article/bondsNews/idUSN1043810520080210

[annabanana]

1. It's still $3.19 per gal where I am.. ugh

[ClintonTyree]

9. Lucky ducky.....

still $3.29 here in western New York. It's been there for about the past 6 months, ever since the $100 a barrel scare. The prices rose overnight, but of course since the price of a barrel of oil has been falling ever since, there hasn't been a drop by as much as one cent here. But there is NO collusion by the oil companies and NO price gouging! :eyes: Each quarter BIG OIL'S record profits eclipse last years record profits, but there is absolutely NO evidence of price gouging. Makes you wonder what Congress considers "evidence".

[baldguy]

2. Well, there's an election coming up...

[StClone]

3. Gee it's almost like an election

Is nearing and the Oil Mobsters are taking an interest in softening their image.

[high density]

4. Still $3.02 here

Though I'll take it over $3.22.

[CountAllVotes]

5. Paid $3.39 yesterday

where was that -3 cents?
:grr:

:dem:

[ekelly]

6. I paid $2.75 in north Texas yesterday n/t

[WarhammerTwo]

7. Jeez...

Where the heck do you people live? Gas in my neighborhood is about $2.85 to $2.95. However, out where I work (in Rahway), I can get it for $2.70. It helps that Jersey has really low gas taxes. We pay about as close as you can get to whole sale as you can get in this country. I mean, New Jersey sucks for a whole lot of reason but our low gas tax is definitely a perk. You have my sympathies, folks.

[eppur_se_muova]

8. What's a factor of two among friends & cronies?

$3, it's the new $2.

[BumRushDaShow]

10. Wish I could find

below $3 a gallon gas around here. Avg. is around my immediate area is $3.07 - $3.14. :eyes: And to think I used to complain about paying $1.69 for high test pre-Katrina. They are milking it for everything they can. Every time Lundberg speaks, prices suddenly change, regardless of what the retailers paid, although it is always weeks later before a drop but the same day for a rise.

[dbt]

11. "Thank God we got rid of Clinton!"

One of my co-workers actually said that early in 2001, after she had spent several weeks whining about high gasoline prices to anyone who would listen.

[happyslug]

12. Reason for price differences

First is the different gasoline tax rates per state which varies from 7.5 cents per gallon in Georgia to 31.9 cents in New York State (14.5 cents for New Jersey, thus the lower gasoline price for New Jersey over both New York and Pennsylvania). For a list of gasoline tax per state see:
http://www.gaspricewatch.com/usgastaxes.asp

The second factor is the distance from point of importation. The big import areas are the New Orleans Gulf Coast area (Including Mobile Alabama to Galveston TX), New Jersey and Los Angles (With additional fuel from Alberta via Minnesota). Basically as you go from these areas the price goes UP do to the cost to transport the fuel. The biggest source is the Gulf Coast, which is then shipped, by barge, up the Mississippi, Missouri and Ohio Rivers.

Pittsburgh Pennsylvania gets it fuel via this system and pays higher prices then Ohio for bring further up the Ohio river then most of Ohio. Philadelphia gets its Oil from New Jersey. The rest of the state is divided, Harrisburg and most of the Eastern half of the State gets it from New Jersey, the Western half from New Orleans (The cost for Gasoline is thus the highest in Pennsylvania in the Appalachian Mountains do to the cost of transporting the fuel). Just pointing out the second biggest difference in costs of Gasoline between regions. Another Reason New Jersey has lower gasoline prices then either New York or Pennsylvania (and the only state that I know of where self-serve is still illegal).