Gas Prices Continue to Tumble, Fall Another 5.8 Cents

May 8, 2012

Continuing a trend that started last month, the average price of a gallon of unleaded regular gasoline in the West U area dropped again last week, this time by more than a nickel.

The retail gasoline price fell 5.8 cents last week to an average of $3.70 per gallon as of yesterday.

This compares with a national average that dropped 2.9 cents per gallon in the last week to $3.77, according to gasoline price website HoustonGasPrices.com.

Senior petroleum analyst Patrick DeHaan said drivers should continue to see prices retreat prior to Memorial Day.

“I’d probably sound like a broken record at this point if I were to tell folks that crude prices breached and fell under $100 late last week. I’m sure I’ll be flooded with motorists asking why gasoline prices haven’t fallen yet,” DeHaan said. “Either way, it’s great news for motorists, but some hot spots may burn motorists before they see any sizable relief. When I mention hot spots, I’m thinking of the West Coast where supply has dropped considerably, causing tightness and perhaps higher prices. The rest of the country, however, should see short term relief continue ahead of Memorial Day, easing unfounded fears of the national average hitting $5 or even $4 per gallon.”

Including the change in gas prices in West U during the past week, prices yesterday were 15.5 cents per gallon lower than the same day one year ago and 17.2 cents per gallon lower than a month ago.

The national average has decreased 13.4 cents per gallon during the last month and stands 15.9 cents per gallon lower than this day one year ago.

InstantNewsWestu Staff

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