Gas Prices Drop Sharply

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(October 13, 2008)—Gas prices were down sharply Monday in Texas and around the U.S.

The Lundberg Survey shows the average price of a gallon of self-serve regular has gone down by 35 cents over the past two weeks nationally to $3.31.

Mid-grade was $3.45 as of Friday and premium was $3.57.

The cheapest gas was in Wichita, Kansas, at $2.79 for a gallon of regular.

Honolulu has the most expensive at $3.91 a gallon.

The Lundberg Survey averages prices from 5,000 gas stations around the country.

The average price of a gallon of regular unleaded in Texas was about $2.96 Monday, according to Texasgasprices.com, which found that prices around the state ranged from as little as $2.28 a gallon at a station in Harlingen to as much as $3.91 a gallon at a station in Lubbock.

Texasgasprices.com

Meanwhile Monday, a pledge by European countries aimed at helping the banking sector was credited for giving oil prices a lift, as crude rebounded from a 13-month low to more than $80 a barrel.

The market was weighing OPEC's decision to call a special meeting next month amid members' concerns that prices have fallen about 45 percent since soaring to a record $147.27 on July 11.

Light, sweet crude for November delivery was up $2.77 to $80.47 a barrel in electronic trading on the New York Mercantile Exchange.

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Comments are posted from viewers like you and do not always reflect the views of this station.

Posted by: El Guapo Location: Around on Oct 13, 2008 at 11:17 AM
I for one think that there should be an ivestigation here. As the gas prices keep going down, the consumers are making more money at the expense of the hard working oil companies. I say we go after Big Consumer and impose a Windfall Profits Tax on all the consumers who are reaping the benefit from these prices going down. How else are the hard working oil companies of this great country going to be looked out for? :) See how stupid this sounds...

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