According to AAA, the cost of a gallon of unleaded regular gasoline nationwide averages 10.8% less than the record high price in mid-July.
The price today is still 30% higher than it was a year ago.
Average for unleaded regular September 11, 2008: $3.671.
The price of a barrel of crude oil is down 31% since July.
HOWEVER, this from AP:
The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast on Thursday, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. That was up significantly from about $3 to $3.30 a gallon on Wednesday, Kloza said.
“We’re looking at the highest wholesale prices ever for a huge swath of the country,” he said. “People understand that regardless what happens with Ike, it’s going to shut down the biggest refining cluster for a period of five, six, seven days.”
The wholesale price of gasoline is what refineries charge retailers. Retailers then mark up those prices for the customer so they can make a profit — so if these wholesale prices hold, it could mean that pump prices for U.S. drivers easily break through the July 17 record of $4.114 a gallon.
I paid $3.79 the other day and almost wept…..SO happy it is back under $4.