Consumer See Gas Prices Drop 3 Cents
Some parts of the country see prices at the pump below two dollars a gallon for the first time in months.
The leveling off of gas prices that began in April has taken a favorable turn for the typical American.
Prices of gasoline have fallen by an average of 3 cents per gallon. While major metropolitan areas like San Francisco and Los Angeles still have prices over the two dollar mark, numerous cities in the Midwest and parts of the South have prices under that amount.
Many refineries performed maintenance and operated at a reduced capacity. While output was reduced and demand increased, prices soared 49 cents per gallon over a three month period, according to information from the most recent Lundberg Survey.
Prices for the preferred type of light crude used for gasoline still hovered over $50 per barrel. Friday’s closing price was $50.96 a barrel.
Inventories of crude oil remain at 327 million barrels, the largest inventory in five years.
David Utter is a staff writer for WebProNews covering technology and business. Email him here.