By Mark Huffman
ConsumerAffairs.com
October 24, 2008
The average price of unleaded regular gasoline fell further since last
week, hitting $2.781 a gallon on Friday, according to AAA. That's down
more than 26 cents from last Friday and is nearly two cents lower than
the average price of $2.820 exactly one year ago.
Not surprisingly, the price of oil is dropping almost as fast. OPEC oil ministers, meeting in Vienna this week, approved a plan to cut production to halt oil's price slide, but so far it has had little effect.
December futures on Light Crude fell as low as $63.05 a barrel, the lowest since May 2007. The downward pressure continued in spite of OPEC's decision to cut production by 1.5 million barrels a day.
Oklahoma continues to have the cheapest gas in the nation, with an average price of $2.378. Kansas was next with an average retail price of $2.447 a gallon. Missouri has an average price of $2.456.
Alaska has the most expensive gas in the nation, at $3.784 a gallon, but that's not much more than the national average just a short 30 days ago, when motorists nationwide were paying $3.715.
Only seven states have average gas prices $3 a gallon or higher.
