Gasoline Prices Show Signs of Stabilizing Nationwide

Strategic Insights -

According to Trilby Lundberg, publisher of the Lundberg Letter, a five-month downward spiral of gasoline prices has slowed due to tensions in the Persian Gulf and rising crude oil prices. Lundberg's survey of over 10,000 service stations nationwide found a nearly 19-cent-per-gallon free fall that began last September may be over. The current composite price of gas is 113.88 cents, a decrease of 1.69 cents since the previous survey.

Key Takeaways:

  • The composite price of gas has decreased by 17 cents a gallon compared to a year ago.
  • The current composite price is a combination of all types of gas purchased at self- and full-service pumps, including state and local taxes that constitute more than 42 cents of the pump price.
  • At the self-service pump, regular unleaded gas is selling for an average of 108.32 cents.
  • Middle unleaded gas is selling for an average of 118.79 cents, while premium unleaded gas is selling for 127.15 cents.
  • Motorists pulling into the full-service pump are paying higher prices: 151.68 cents for regular unleaded, 160.20 for mid-grade and 167.37 for premium unleaded.
  • The nearly 19-cent-per-gallon free fall that began last September may be over due to higher crude oil prices and tensions in the Middle East.

Statistics:

  • The current composite price of gas is 113.88 cents.
  • The price decrease since the previous survey is 1.69 cents.
  • The composite price is about 17 cents a gallon lower than it was a year ago.
  • State and local taxes constitute more than 42 cents of the pump price.
  • Self-service pump prices for regular unleaded gas average 108.32 cents.
  • Middle unleaded gas prices for full-service pumps average 160.20 cents.

Sources:

  • United Press International, August 25.