Four months ago, it was inconceivable that gasoline prices could dip to near $3 a gallon. Most experts expected high oil prices to guarantee a price of $4 for a gallon of regular on the basis of a national average. Yesterday, the AAA Fuel Gauge put the cost of a gallon of regular at $3.411, down from $3.653 a month ago.
For some states the figures are much better. In South Carolina, the price is the lowest in the country — $2.998. And prices have fallen below $3.25 in seven states. With the price of WTI below $80 a barrel, and not likely to rise far, gas prices should continue to drop. The number of miles driven this summer is not expected to increase much this year, so the national average for regular could be down to $3.25 by Labor Day.
Douglas A. McIntyre
