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Gas prices continue their decline in the area

Tuesday, September 9, 2008

Gasoline prices continued to decline in the United States and in Indiana. For eight straight days the average price of unleaded gasoline has been falling.

The average price of regular unleaded gasoline fell 0.7 cents to $3.658 a gallon from $3.665 a day earlier, reported motorist group AAA on Monday.

In Indiana the current average for unleaded gasoline is $3.719 a gallon. On Sunday the average was $3.731 down from a month ago at $3.823 and up from a year ago when the average cost was $3.047.

Last week, oil prices fell to their lowest level in five months. Concern with Hurricane Ike forced crude oil prices up on Monday. Crude futures for the month of October delivery rose to $1.10 a barrel to $107.33.

Locally, gas prices in Greencastle averaged $3.55 last week at most of the local stations. In Brazil they averaged $3.56 and were $3.48 in Crawfordsville.

According to the AAA report gas had fallen about 46 cents from the record high average of $4.114 on July 17, but prices are still about 83 cents above this time last year.

The demand for gas dropped between 3 and 4 percent during June to August, which are typically heavy traffic months.

Nationwide, Alaska and Hawaii remained the two states with gas prices still tracking above $4 a gallon. The cheapest gas is now found in New Jersey, where prices averaged $3.431 a gallon.

The AAA Fuel Gauge Web Site is derived from credit card transactions at more than 85,000 stations around the country. Prices shown are combined averages of the last card swipe of the previous day.

Crude oil price is based on the West Texas Intermediate closing prices on the New York Mercantile Exchange and converted from price per barrel to a per gallon price.

There are 42 gallons in each barrel. The wholesale price is based on the combined average of all the terminals in the United States tracked by OPIS.

For more information about gas prices check out AAA's Web site www.fuelgauge.com. To get gas prices around the state go to www.indianagasprices.com


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Brace yourself Speedway in Plainfield just posted 3.95 a gallon, bet Greencastle will follow if they haven't already, this is a 40 cent jump for Plainfield.

-- Posted by Trying hard on Tue, Sep 9, 2008, at 9:04 AM

Most of Greencastle is around 3.95, look for long lines at Swifty again today/tonight. How stupid do the oil companies think we are? Well, we do keep putting up with it, they have us and they know it. I am sure we will soon be paying for lots of oil executives Christmas bonus's and stock options.

-- Posted by talkymom3 on Tue, Sep 9, 2008, at 11:49 AM

I see Greencastle did follow Plainfield. 3.95 a gallon

-- Posted by Trying hard on Tue, Sep 9, 2008, at 1:04 PM

gas gas gas....hows come they never talk about diesel? whens it comin down?

-- Posted by justmoveonwillya on Tue, Sep 9, 2008, at 9:47 PM

gas prices went up because OPEC said they were cutting production by 500,000 barrels a day. I remember just 2 months ago when prices were $4.24 a gallon and OPEC said they would not increase, and if they did it would only be about 500,000 barrels a day and that would only bring prices down by 5 cents or so. What we have here is local stations gouging prices, making everyone believe that there will be a shortage. This is why the u.s needs to tell opec to go (expletive) themselves. But, that will not even be a thought until we have a president that is not in the oil business. I wish someone could explain exactly why gas is as high as it is now, I mean this time last year oil was about $20 cheaper a barrel and gas was $2.60 a gallon. Now that adds up to be $.40 off for every $10.00 lost in the price of oil. If that were the case then gas should have fallen $1.80 since its all time high. (just using the figures that was suppled by the b.g in this story) However, the way the prices had been going is gas raises $.10 for every $10 gain per barrel, and loses $.04 for every $10 lost per barrel. I have e-mailed and argued with the owner of gas america about how they do their prices, and all i get from him is that they do not make any money on gas, I say b.s. if that was the case then we would only have 1 or 2 gas stations in this town, hell we have more stations then plainfield or Avon (or real close to it anyway) ok my rant is over, thanks for listening, im sure it did not make any sense at all...:)

-- Posted by tbone46135 on Tue, Sep 9, 2008, at 9:49 PM


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