Gas prices continue their decline in the area
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.