The new stability if gas prices continues after months of rises which have brought the cost of an average gallon of regular nationwide to near record levels. The AAA Fuel Gauge shows the price was $3.907 yesterday, flat from the day before and down from the week earlier price of $3.927. Some economists believe now that the price of crude oil has started to retreat, gas prices will as well. That assessment is premature.
The tension with Iran which may cause it to cut supplies through the Strait of Homuz–the passage way of 20% of the world’s production–has not ended. And, the number of refineries worldwide that have been permanently closed or temporarily shut for repair is still high. The AAA average is also misleading. Many of the largest states by population still have average prices for regular in excess of $4. This included New York, California, Illinois, and Connecticut.
Douglas A. McIntyre
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