The national average price for a gallon of regular gasoline slipped by 1.9 cents per gallon last week to reach $2.64, according to industry analysts at GasBuddy. That price remains well above the $2.56 average just before the drone attack on two major Saudi Arabian processing plants but down from the peak of $2.68 reached following the attack.
USA Today reported that crude oil traded around $55.11 a barrel just before noon Monday (Sept. 30), down about 1.5% from Friday’s closing price. Over the past month, the price of West Texas Intermediate (WTI) crude for immediate delivery has dipped by about $8.00 a barrel (nearly 13%) from the price just two weeks ago.
GasBuddy’s head of petroleum analysis, Patrick DeHaan, commented, “Oil prices have cooled back off after Saudi Arabia brought a significant portion of oil production and processing back online, helping the national average to begin moving lower again, but don’t tell Californians who saw a massive spike of nearly 25 cents per gallon in the last week, fueled by refining issues there.”
Retail price movements were mixed last week, with a nearly even split between states where prices rose and those where prices fell or remained unchanged. The week’s median price for a gallon of regular gas was $2.49, 15 cents a gallon below the national average. The average price at the 10% of gas stations charging the most for gas was $3.81 a gallon, while the per-gallon average at the 10% charging the least was $2.21.
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