Attacks, Fall Season Dip Gas Prices
washingtonpost.com
The Associated Press
Sunday, October 21, 2001; 5:39 PM
CAMARILLO, Calif. –– Gasoline prices fell an average of 9 cents a gallon in the past two weeks as the beginning of fall and continued travel fears slowed demand, an oil industry analyst said Sunday.
The average retail price of gasoline, including all grades and taxes, was about $1.34 a gallon on Friday, according to the two-week Lundberg Survey of nearly 8,000 gas stations nationwide. The price of gas has fallen more than 22 cents since Sept. 7 and is about 27 cents lower than it was during the same period a year ago, said Trilby Lundberg.
The lowest average price was $1.06 in Tulsa, Okla., and the high was $1.87 in Honolulu. "Pump prices have been falling for six weeks, partly because this is the season when motorists use less gas, but mostly because of the Sept. 11 terrorist attacks on the United States, which drastically cut travel," Lundberg said.
A modest drop in crude oil prices also helped; they currently are averaging $21.50 a barrel. Lundberg said lower demand for everything from gasoline to jet fuel is hurting the oil industry worldwide. However, she said gas prices might stop falling if the Organization of Petroleum Exporting Countries decides to cut production next month.
The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.31 a gallon for regular unleaded, $1.41 for midgrade and $1.50 for premium. |
