Gas Prices in 2 Month Side
September 15, 2009
As appeared on CNNMoney.com September 29, 2009 Demand is way down due to unemployment and the recession.
Prices at the pump can vary widely among states, due in large part to vastly different levels of gasoline tax. More
(CNN) – Gas prices have dropped seven cents over the past two weeks, continuing a downward slide that has lasted nearly two months, according to a survey published Sunday.
The Lundberg Survey found the average price of a gallon of self-serve regular is $2.52 — down just over 12 cents since August 7.
Gas prices have “followed crude oil” a little more than penny-for-penny, said survey publisher Trilby Lundberg. Since August 7, crude oil has dropped nearly 12 cents a gallon, she said.
“The reason for both is the supply imbalance,” Lundberg said. Supply is plentiful, while “demand is desolate.”
“Absent a big upset in supply — that ever-present possibility — there’s nowhere for gasoline prices to go but down,” Lundberg said.
Demand is down due to the recession and mounting unemployment, said Lundberg. “This has punctured demand growth.”
The latest survey, which tallied prices at thousands of gas stations on Friday, found the highest average price in Anchorage, Alaska, at $3.29.
The lowest was in St. Louis, Missouri, at $2.16.
Here are the prices in some other cities:
- Honolulu – $3.27
- San Francisco- $3.15
- Boston – $2.57
- Charleston – $2.26
- Atlanta – $2.34
- Chicago – $2.61
- El Paso – $2.44
- Reno – $2.88
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