Gasoline prices decline from July 4th records
By GENE ZALESKI, T&D Staff Writer Saturday, August 09, 2008Regular unleaded gasoline prices at Orangeburg service stations have dropped about 26 cents since setting records for the Fourth of July.
The lowest price for self-serve regular unleaded gasoline in Orangeburg Thursday afternoon was $3.559 a gallon at seven area stations, down from the city’s lowest price of $3.819 a little over a month ago.
The stations selling at $3.559 included: the Murphy U.S.A. at the North Road Plaza, the 76 station on North Road, the Dodge’s Store at U.S. 301 and Cannon Bridge Road, Henry’s SOC on U.S. 301 and John C. Calhoun Drive, the Citgo on U.S. 601 and Old St. Matthews Road, Henry’s Travel Plaza on U.S. 301 and John C. Calhoun Drive and the Hot Spot on John C. Calhoun Drive.
Orangeburg’s average of regular unleaded gasoline this week sold for $3.609 a gallon compared to $3.869 a gallon July 4.
Statewide, gasoline prices were averaging $3.625 a gallon while the national average is $3.833.
Only, Oklahoma, Missouri and Minnesota had lower regular unleaded gasoline prices.
Alaska and Hawaii had the highest and second highest gasoline price averages in the nation.
AAA predicts the national average of regular unleaded could be down to about $3.75 a gallon by Labor Day.
One month ago, state and national averages were $3.88 and $4.12, respectively.
The lowest price of diesel Thursday afternoon sold for $4.269 a gallon at the Dodge’s Store at U.S. 301 and Cannon Bridge Road, Henry’s SOC and Henry’s Travel Plaza at U.S. 301. This is down 20 cents from a month ago.
Diesel prices at the nine stations surveyed with signs visible from the road averaged about $4.39 a gallon.
Oil analysts say if the price of crude oil stays below $125 per barrel, prices could fall even further.
Experts say the recent gasoline price decline is mostly due to shrinking demand for petroleum products around the world because of economic slowdowns.
On Thursday, crude oil prices rose for the first time after a four-week slide.
Oil prices have fallen almost $30 per barrel since they hit a peak of $147 in early July. Crude oil closed at slightly over $120 a barrel on the New York Mercantile Exchange Thursday.
T&D Staff Writer Gene Zaleski can be reached at gzaleski@timesanddemocrat.com and 803-533-5551.
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