Gas prices dropping
06-28-2004, 09:29 AM
#1
Charter Mod
Charter MemberThread Starter
Gas prices dropping
I would love to hear from the folks who think Crude prices don't effect gasoline prices................... but I bet I won't hear a word. 
06-28-2004, 10:43 AM
#3
OSO Moderator
Charter Member
Re: Gas prices dropping
The current price drop is likely all that we'll see:
LOS ANGELES (AP) -- Though gas prices have dropped back under $2 a gallon, travelers may not get any more breaks as vacation season heats up, an industry analyst said.
Fears of terrorism and sabotage in Iraq and Saudi Arabia could offset OPEC's decision to increase oil production in July, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of U.S. gas stations.
The weighted national average price for all three grades of gasoline fell to $1.97 per gallon on Friday, 6.6 cents lower than two weeks earlier, after rising more than 59 cents between mid-December and June, Lundberg said.
The biggest-selling gas, self-serve regular, averaged $1.94 a gallon.
Lundberg said Sunday that the decline - which followed another drop two weeks ago - was partly due to moderating oil prices and the completion of U.S. refinery maintenance projects.
Falling crude oil prices were also a factor. At the New York Mercantile Exchange, crude oil futures set for August delivery ended trading at $37.55 a barrel Friday, down from $38.45 a barrel two weeks earlier.
Crude oil prices had earlier been hovering above $40 a barrel.
The Organization of Petroleum Exporting Countries, which supplies more than a third of the world's crude, announced earlier this month it would raise its daily production quota by more than 2 million barrels to 26 million barrels and, if necessary, by an additional 500,000 barrels Aug. 1.
Lundberg reported average per-gallon prices at self-serve pumps at about $2.04 for midgrade gas and $2.13 for premium, including taxes.
LOS ANGELES (AP) -- Though gas prices have dropped back under $2 a gallon, travelers may not get any more breaks as vacation season heats up, an industry analyst said.
Fears of terrorism and sabotage in Iraq and Saudi Arabia could offset OPEC's decision to increase oil production in July, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of U.S. gas stations.
The weighted national average price for all three grades of gasoline fell to $1.97 per gallon on Friday, 6.6 cents lower than two weeks earlier, after rising more than 59 cents between mid-December and June, Lundberg said.
The biggest-selling gas, self-serve regular, averaged $1.94 a gallon.
Lundberg said Sunday that the decline - which followed another drop two weeks ago - was partly due to moderating oil prices and the completion of U.S. refinery maintenance projects.
Falling crude oil prices were also a factor. At the New York Mercantile Exchange, crude oil futures set for August delivery ended trading at $37.55 a barrel Friday, down from $38.45 a barrel two weeks earlier.
Crude oil prices had earlier been hovering above $40 a barrel.
The Organization of Petroleum Exporting Countries, which supplies more than a third of the world's crude, announced earlier this month it would raise its daily production quota by more than 2 million barrels to 26 million barrels and, if necessary, by an additional 500,000 barrels Aug. 1.
Lundberg reported average per-gallon prices at self-serve pumps at about $2.04 for midgrade gas and $2.13 for premium, including taxes.
__________________
BillR
'00 Scarab Sport 302 CC
'02 Cigarette Top Gun TS
'02 PQ 340
'00 PQ 280
'98 Scarab 22
'97 Baja Outlaw 20
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BillR
'00 Scarab Sport 302 CC
'02 Cigarette Top Gun TS
'02 PQ 340
'00 PQ 280
'98 Scarab 22
'97 Baja Outlaw 20
'72 Checkmate
'65 Glastron
06-28-2004, 10:58 AM
#4
Platinum Member
Platinum Member
Re: Gas prices dropping
Originally Posted by knotpropr
It seems that the prices (at the pump) went up everytime the price increase was mentioned - now though, it seems they DO NOT come down as quick as the price per barrel drops! 
