Tags: Oil | Prices

Gas Pump Prices Leveling Off After 20 Cent Drop

Monday, 07 Jun 2010 12:40 PM

After dropping 20 cents in the past month, gasoline pump prices are leveling off.

Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.

Lower gasoline prices reflect a steep drop in oil prices over the past month. Gas prices topped off at $2.93 per gallon on May 6, three days after oil prices reached an 18-month high of $87.15 per barrel.

Prices may drop a few more pennies at the pump, but the big drops are over unless worries that the country is falling back into recession gain steam, said OPIS' Tom Kloza. Still, by the time summer officially arrives later this month, gas likely will be below where it was a year ago. Right now gasoline prices are 11.3 cents higher than last year.

The last time prices were cheaper than the year before was on Oct. 27.

The federal government will release its weekly report on average national gasoline prices later Monday.

Oil prices drifted higher Monday. Benchmark crude for July delivery added 13 cents at $71.64 a barrel on the New York Mercantile Exchange. Crude lost $3.10 a barrel on Friday to settle at $71.51, after the government's jobs report showed companies remained reluctant to hire.

In other Nymex trading in July contracts on Monday, heating oil rose 1.17 cents to $1.9694 a gallon, and gasoline rose 0.97 cent to $2.0050 a gallon. Natural gas was rose 8.2 cents at $4.879 per 1,000 cubic feet.

Brent crude gained 17 cents at $72.26 a barrel on the ICE futures exchange.

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After dropping 20 cents in the past month, gasoline pump prices are leveling off.Retail gasoline prices fell 0.3 cent Monday to a national average of $2.724 per gallon, according to AAA, Wright Express and Oil Price Information Service.Lower gasoline prices reflect a steep...
Oil,Prices
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2010-40-07
Monday, 07 Jun 2010 12:40 PM
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