Another Good Week For Oil, Gas Prices
August 28th, 2006 | by Brian Carr |Thanks to the reduction in strength of Hurricane/Tropical Storm Ernesto and its possible effect on Gulf Coast refineries, oil prices fell nearly $2 today to close at $70.61. Prices fell to as low as $70.15 before rebounding to the closing price.
Due to the nearly 8% drop in the price of crude oil over the last couple of weeks, the average price of gasoline fell $.15 to $2.87 per gallon. Considering the price of oil has been relatively stagnant the two weeks (aside from today’s drop), I guess that just goes to prove the theory that gas prices rise like a rocket but fall like a balloon.
Despite the drop in price of gasoline, not all the news was good today, as the AAA Fuel Gauge Report still shows that drivers are paying, on average, $.25 more per gallon now than they were at this time last year.
Thankfully, with the summer coming to an end, a continued cease fire between Israel and Hezbollah, and the promise of dialogue between the West and Iran over the Iranian nuclear program, it appears drivers should be in store for less expensive trips to the pump.
But, I probably just jinxed everything.
