Gas Prices Drop For Third Week

Dec 5, 2011 5:35pm

The Energy Department reported the national average price of gas fell for the third consecutive week, though only fractionally. Gas fell $0.017 to $3.29 a gallon for regular, the U.S. Energy Information Administration reported Monday.

Gas prices are still 73 cents higher than a year ago.

Oil prices slipped from two-week highs earlier Monday on reports that the ratings agency Standard & Poor’s may downgrade credit ratings for the wealthiest nations in Europe, the Associated Press reported.

But earlier in the day, oil prices passed $102 a barrel for the first time since mid-November. Hope that European leaders have gotten closer to saving the eurozone from its debt issues, including Italy’s new austerity measures, boosted oil prices, the AP reported.

U.S. companies are scrambling to limit their exposure to European currency. The heavy-metal band, Metallica, even moved their European tour earlier in case the euro collapses, the Wall Street Journal reported.

National gas prices fell nine cents in the past two weeks according to the Lundberg Survey of fuel prices, released on Sunday.

According to the survey, a gallon of regular gas was also $3.29, the AP reported.

Albuquerque, N.M., has the nation’s lowest average price at $2.84, according to the Lundberg survey, while San Francisco has the highest at $3.67. Midgrade gas cost an average of $3.46 a gallon, while premium cost $3.57. The price of diesel decreased a nickel to $3.96 a gallon.

 

 

 

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