Gasoline prices fell slightly over the past week, continuing a two-month downward spiral following a March record high level of $1.51 a gallon.
Selected stations surveyed throughout The T&D Region Wednesday revealed the least-expensive self-serve regular unleaded gasoline sold for $1.219 at the Pilot and Phillips 66 Li'l Cricket at the Bowman exit at mile 159 on Interstate 26. Both stations are on Homestead Road.
Also, gasoline sold for $1.249 at the Shell E-Z Shop at U.S. 21 and Highway 22 near Interstate 26 exit 139. Located in the same region, the Hess and Phillips 66 Li'l Cricket sold at the same price.
In Orangeburg, the least-expensive was found at five area stations for $1.269 a gallon. See survey for specifics.
The most-expensive surveyed sold in Santee for $1.379 a gallon at the Horizon E-Z Shop and the Citgo E-Z Shop, both on Highway 6.
The lowest gasoline prices in St. Matthews were not available Wednesday.
Falling gas prices, however, could be short lived as Organization of Petroleum Exporting Countries mull cuts in summer crude production.
The U.S.-led war in Iraq interrupted crude output in that country and contributed in April to a decline in world oil production of 1.4 million barrels, or 1.8 percent. Although other members of OPEC boosted their output to prevent a shortage, the International Energy Agency argued that some exaggerated their production levels and are making prices more unstable as a result.
"Unless producers continue to meet market needs, precariously tight first-quarter stocks will set the stage for tensions in the summer gasoline and the winter heating oil seasons. Crude and product stocks need time to rebuild," the agency said in its monthly Oil Market Report.
The IEA is the energy watchdog for the world's biggest oil-importing countries. It assesses market conditions but refrains from predicting their effect on prices.
"I think the chances are that gasoline prices will remain quite strong through the summer," said analyst Steve Turner of Commerzbank Securities in London. "I think we can just about avoid a spike if there are no nasty surprises" such as unscheduled refinery shutdowns, he said.
As The T&D continues its weekly gas survey, we encourage readers to get involved.
If you know of a gasoline price consistently lower than those in our survey, let us know by e-mail at news@timesanddemocrat.com, by fax at 803-533-5595 or by phone at 803-534-1060. The prices must be consistently low for inclusion in the survey. Here are some of the prices found in the survey conducted Wednesday morning, May 14:
Orangeburg
-- Horizon E-Z Shop, Old St. Matthews Road: regular unleaded, $1.269.
-- Dodge's Store at U.S. 301 and Cannon Bridge Road: regular unleaded, $1.269.
-- Henry's on U.S. 301: regular unleaded, $1.269.
-- Li'l Cricket at U.S. 301 and Highway 70: regular unleaded, $1.269.
-- Horizon E-Z Shop, Shillings Bridge Road: regular unleaded, $1.269.
-- Speedway, U.S. 21 and U.S. 21 Bypass: regular unleaded, $1.279.
-- Short Stop, Magnolia and U.S. 178: regular unleaded, $1.279.
-- Gaz-bah Exxon, Chestnut and Ellis: regular unleaded, $1.279.
-- Hot Spot, John C. Calhoun Drive: regular unleaded, $1.279.
-- Speedway, Boulevard St. and Carolina Ave., $1.279.
-- Exxon, Charleston Highway: regular unleaded, $1.289.
-- Big D's Shell, Magnolia Street and U.S. 178: regular unleaded, $1.289.
-- Shell Corner Pantry, U.S. 301 and Broughton: regular unleaded, $1.299.
-- Citgo Express Lane, Charleston Highway: regular unleaded, $1.299.
Neeses
-- Fogle's Piggly Wiggly, Highway 4 and U.S. 321: regular unleaded, $1.269.
Bamberg
-- 3-Way Food Mart, Main Street: regular unleaded, $1.339.
-- Horizon E-Z Shop West, U.S. 78 West: regular unleaded, $1.339.
-- Horizon E-Z Shop on U.S. 301 South: regular unleaded, $1.339.
Branchville
-- Horizon E-Z Shop, Freedom Road: regular unleaded, $1.339.
Santee
-- Horizon E-Z Shop, Highway 6: regular unleaded, $1.379.
-- Citgo E-Z Shop, Highway 6: regular unleaded, $1.379.
St. George
-- Fast Point Food Store, on Highway 78 and Sears Street: regular unleaded, $1.309.