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Gas Prices Move Lower as Oil Prices Fall

AAA   16 Feb 2006 21:42 GMTPage rating:


Motorists have little to love about the cost of fuel, but prices at the pump are falling this Valentine's Day, AAA's daily, online Fuel Gauge Report shows.

AAA said the nationwide average price of gasoline is down five cents per gallon from one week ago to $2.286. This the lowest price since January 6 when gasoline cost $2.266 per gallon.

AAA said declining gasoline prices are a result of sharply lower oil prices. In recent weeks, oil had been trading near $70 per barrel on geopolitical fears. Prices have come down substantially in the last two weeks, however, trading close to $61 per barrel today.

Despite these recent positive developments, today’s gasoline price remains 40.2 cents higher than one year ago.

Statewide average prices are above $2.00 in every state with Hawaii having the highest price in the nation at $2.863 per gallon. California and New York have the next highest average prices at $2.56 per gallon and $2.54 per gallon; respectively.

The lowest state-wide average gasoline price in the nation is in Missouri at $2.091 per gallon. Ohio, Minnesota and Kentucky have the next to lowest average prices. Motorists are paying $2.136 in Minnesota, $2.137 in Ohio and $2.139 in Kentucky.

Nationwide, the price of self-serve, mid-grade gasoline averages $2.429 per gallon, a decrease increase from $2.47 per gallon in the middle of last month, and up from $2.01 one year ago. Self-serve premium averages $2.515 per gallon, down from $2.569 per gallon one month ago, and up from $2.06 one year ago.

The national average prices for self-serve regular unleaded gasoline for AAA's mid-February survey for the last five years are: 2005, $1.894; 2004, $1.643; 2003, $1.605; 2002, $1.12; and 2001, $1.492.


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