CAMARILLO, Calif., July 27, 2008
Gas Prices Drop Under $4 A Gallon
As The Price Of Crude Oil Declines Drivers Save Money At The Pump
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Play CBS Video Video Good News At The Pump Gas prices are at a national average of $3.97 per gallon, dropping below the $4 mark for the first time in weeks. Priya David has more on what the price drop means and if it will last.
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(AP Photo/Paul Sakuma)
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Interactive Gas Prices State-by-state averages, tips to improve mileage and a look at what fuels prices at the pump.
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Interactive Oil and Gas:
Fossil FuelsLearn more about energy costs and usage in your state and get the latest prices for gasoline.
The price of crude oil hit its record high of $147 a barrel on July 11.
Less than a week later, the price of gasoline followed to an all time national average high of $4.11 a gallon. But since then, the price of a barrel of crude dropped to $123 on July 25, and gas has dropped fourteen cents to $3.97.
According to the Department of Energy, Americans used almost two-and-a-half percent less fuel over the past four weeks than they did a year ago. The AAA says that drop in demand is one reason for lower gas prices - another is the cool down on Wall Street.
"Because of speculation in the crude oil market by people that would never take delivery of a drop of crude, we saw prices going higher," said Robert Sinclair, Jr. with the AAA. "So the correction that a lot of analysts were talking about - it looks like that is what we are seeing - and it's being reflected at the pump."
The average price of regular gasoline at self-serve stations was $3.996 a gallon Friday. Mid-grade was $4.13 a gallon and premium went for $4.24. That's according to the Lundberg Survey of 7,000 gas stations nationwide, released Sunday.
Prices are at their lowest level since May 16 and are an average of 11.7 cents less per gallon than two weeks ago.
Still, the survey showed the average U.S. price for gas is $1.11 higher than it was a year ago.
Diesel was at $4.80.
The cheapest gas was in Wichita, Kan., where the price for regular was $3.61 a gallon.
Anchorage ranked the nation's highest: $4.43 a gallon for regular.
© MMVIII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
Add a Comment See all 105 Comments
- Under $4 a gallon. Now It will only cost $60 to fill-up instead of $65. Maybe I can still get that Hummer.
- Reply to this comment
- mandalay said,
They want to get us used to $4 gas that way they can pull it back to $3.50 and we will all rejoice like we are getting some kind of great deal. But overall we will still be getting raped at the pump.
Wow,you liberals are sure gullible sheeple aren''t you now. LOL - Reply to this comment
- You are complaining about gas at $4 a gallon while in semi-socialist Europe it ranges from $7 to $10 a gallon and in semi-socialist Australia it is over $6 a gallon. Look over the border at Canada and you will find it approaching $6 a gallon.
- Reply to this comment
- The repugs will keep dropping the fuel prices until the election is over. Its their only hope of getting 4 more years like the last eight.
- Reply to this comment
- My next door neighbor said if it would drop to less than $ 3.00 / gallon maybe he could still go on summer vacation this year.
- Reply to this comment
- still too d-amn expensive, enron loophole must go, mccain and his economic advisor know this,they are the ones who pushed it thru congress.
- Reply to this comment
- Typical scam by the Profit party, "GOP Scam Artists" gouge the American consumer once the profits are made pull back.
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Posted by redwhtblue2 at 01:47 PM : Jul 28, 2008
They want to get us used to $4 gas that way they can pull it back to $3.50 and we will all rejoice like we are getting some kind of great deal. But overall we will still be getting raped at the pump. - Reply to this comment
- Gas has dropped more than 20 cents/gallon and you save 40 cents to fill up, so your car only takes 2 gallons to fill it up. This is baloney just like your Democratic party. Bu%%%
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Posted by vietnam21 at 02:12 PM : Jul 28, 2008
First of all the article says it has dropped 14 cents not "more than 20" as you put it. Second of all, I was being sarcastic.... you can relax now neocon... - Reply to this comment
- Could you type that again.....this time in English...
Posted by MANDALAY-BAY
Gas has dropped more than 20 cents/gallon and you save 40 cents to fill up, so your car only takes 2 gallons to fill it up. This is baloney just like your Democratic party. Bu%%% - Reply to this comment
- Gas Prices Drop Under $4 A Gallon
As The Price Of Crude Oil Declines Drivers Save Money At The Pump
Typical scam by the Profit party, "GOP Scam Artists" gouge the American consumer once the profits are made pull back. - Reply to this comment
- I was hoping for "laid", but I can handle "caught", and thrown in jail.
Posted by lochllan at 01:38 PM : Jul 28, 2008
LOL,, Well, Ok. That too. How about laid in jail. LOL - Reply to this comment
- So how do you Dems like the candidate that Rush Limbaugh picked for you?
Posted by IRLiberol at 01:29 PM : Jul 28, 2008
We love Barry Sadam. Thanks Rush.
Posted by lochllan
Typical GOP tactics, is that you karl rove? - Reply to this comment
- Caught!
Posted by slim1h2o at 01:36 PM : Jul 28, 2008
I was hoping for "laid", but I can handle "caught", and thrown in jail. - Reply to this comment
- So Nancy and Harry get....?
Posted by IRLiberol at 01:30 PM : Jul 28, 2008
Caught! - Reply to this comment
- So how do you Dems like the candidate that Rush Limbaugh picked for you?
Posted by IRLiberol at 01:29 PM : Jul 28, 2008
We love Barry Sadam. Thanks Rush. - Reply to this comment
- So how do you Dems like the candidate that Rush Limbaugh picked for you?
Posted by IRLiberol
See previous response to this question, dimwit. - Reply to this comment
- Bush gets all the credit and blame, all at once. Happy?
Posted by slim1h2o at 01:29 PM : Jul 28, 2008
So Nancy and Harry get....? - Reply to this comment
- Posted by lochlan at 01:25 PM : Jul 28, 2008
So how do you Dems like the candidate that Rush Limbaugh picked for you? - Reply to this comment
- Well Libs, Bush must have done something to lower the price, because you were the first ones to blame him for $4 DOLLAR GAS!!!!, so when it goes down, like it is doing, you must thank Bush, or be see as a total hypocrite.....which is it? Libs
Posted by Minuteman-5 at 12:37 PM : Jul 28, 2008
3 cents below $4.00 per gallon, still says $4.00 to me. 3 cents doesn''t go too far to me.
Bush gets all the credit and blame, all at once. Happy? - Reply to this comment
- I have to ask though, why do you libs hate Jews so much?
Posted by IRLiberol
It''s not Jews, dumb-***. I have family that are Jewish, which makes me part Jewish, and I''m proud of it. It''s the government of Israel, and the blind eye our government turn on their murder of women and children, and the violations of basic human rights on every single country around them, that they''ve attacked and invaded. Kind of like our government these last several years. Our government turn a blind eye when Israel spy on us and kill our soldiers like on the U.S.S. Liberty, then they package up several billion tax payer dollars and ship it over with a big "thank you, and can we fight a war for you, maybe overthrow some governments for you". Nice try though. I have to ask though, why do you bootlickers hate Americans so much? - Reply to this comment
