GAS SURVEY: Falling gas prices for fall season
By The T&D Staff Wednesday, October 01, 2003Fall temperatures have arrived -- and so have falling gasoline prices. For the third consecutive week, The T&D Region has seen prices for regular unleaded self-serve inch 3 or 4 cents a gallon downward. This is after August record-high levels.
A survey of selected T&D Region stations on Wednesday showed the least-expensive gasoline sold in Santee for $1.289 a gallon for regular unleaded self-serve at the Horizon E-Z Shop on Highway 6.
In Orangeburg, the least-expensive sold for $1.379 at the 4-Way Stop on Magnolia Street and U.S. 178.
A number of stations sold gasoline for $1.399 throughout Orangeburg.
Fogle's Piggly Wiggly in Neeses and the stations near Interstate 26 exit 139, Hess Wilco, the Shell E-Z Shop at the U.S. 21 and Highway 22 and the Li'l Cricket Phillips 66, all sold for $1.399 a gallon.
Falling prices coincide with rising oil prices as OPEC's surprise decision last week to cut output quotas continued to support buying.
November light, sweet crude futures settled up 80 cents on the New York Mercantile Exchange at $29.20 a barrel, the highest since Sept. 10, the fourth gain in five sessions. Prices are now 8 percent higher since OPEC announced its cut last Wednesday.
On London's International Petroleum Exchange, November Brent blend crude oil futures settled up 78 cents at $27.61 a barrel.
OPEC acted last week to head off expected growth in inventories during the fourth and first quarters, a high-demand time when they normally contract. The group is also concerned that rising supplies from independent producers will outstrip growth in demand next year.
Many analysts predict OPEC will again cut output early next year, but OPEC has expressed a reluctance to implement any further cuts without cooperation from non-members.
So far, non-OPEC nations Russia, Mexico and Norway all seem reluctant to consider output cuts in the near future.
Crude trading is being 98 percent driven by the OPEC cut, said Tim Evans, senior energy analyst with IFR Pegasus.
"We're still trying to price that in and work through the ramifications of that," he said.
The big uncertainty is whether the move is suggesting a new OPEC policy where it aims for a higher price within its $22-$28 price-per-barrel range or a defensive move to cut production and pre-empt a more significant downtrend in prices.
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, Oct. 1:
Orangeburg
-- 4-Way Stop, Magnolia Street and U.S. 178: regular unleaded, $1.379.
-- Li'l Cricket at U.S. 301 and Highway 70: regular unleaded, $1.399.
-- Henry's on U.S. 301: regular unleaded, $1.399.
-- Dodge's Store at U.S. 301 and Cannon Bridge Road: regular unleaded, $1.399.
-- Speedway, Boulevard Street and Carolina Avenue: regular unleaded, $1.399.
-- Hot Spot, John C. Calhoun Drive: regular unleaded, $1.399.
-- Horizon E-Z Shop, Old St. Matthews Road: regular unleaded, $1.399.
-- Horizon E-Z Shop, Shillings Bridge Road: regular unleaded, $1.399.
-- Speedway, U.S. 21 and U.S. 21 Bypass: regular unleaded, $1.399.
-- Short Stop, Magnolia and U.S. 178: regular unleaded, $1.399.
-- Gaz-bah Exxon, Chestnut and Ellis: regular unleaded, $1.399.
-- Exxon, Charleston Highway: regular unleaded, $1.409.
-- Citgo, Charleston Highway: regular unleaded, $1.419.
-- Shell, Broughton Street and U.S. 301: regular unleaded, $1.419.
Neeses
-- Fogle's Piggly Wiggly, Highway 4 and U.S. 321: regular unleaded, $1.399.
Bamberg
-- 3-Way Food Mart, Main Street: regular unleaded, $1.439.
-- Horizon E-Z Shop West, U.S. 78 West: regular unleaded, $1.439.
-- Horizon E-Z Shop on U.S. 301 South: regular unleaded, $1.439.
Branchville
-- Horizon E-Z Shop, Freedom Road: regular unleaded, $1.439.
Santee
-- Horizon E-Z Shop, Highway 6: regular unleaded, $1.289.
-- Citgo, Highway 6: regular unleaded, $1.309.
St. George
-- Fast Point Food Store, Highway 78 and Sears Street: regular unleaded, $1.359.
St. Matthews
-- Amoco, Highway 6: regular unleaded, $1.439.
-- Exxon, Highway 6: regular unleaded, $1.439.
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