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U.S. Fuel Prices Continue to Slide
The average price of gasoline in the U.S. begins this week at $2.70 per gallon, down 6 cents over the past week and 21 cents from a month ago, according to motor club group AAA.
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The average price of gasoline in the U.S. begins this week at $2.70 per gallon, down 6 cents over the past week and 21 cents from a month ago, according to motor club group AAA.
Prices have been falling since early October, although the average is still 14 cents above fuel prices a year ago. U.S. gasoline prices reached an all-time average high of $4.11 per gallon in Jul 2008.
AAA attributes the current decline to the end of the summer refinery maintenance season. The association says further declines are like as production revs up again.
The group also notes that the price of crude oil is dropping. of West Texas Intermediate oil, the U.S. benchmark, closed last week at $60.19 per barrel, down 48 cents. The decline comes as U.S. oil production climbed to a record 11.6 million barrels per day last week.
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