Gas Prices Fall to Pre-Katrina Levels
After a spike to nearly $4 a gallon in parts of the country, gas prices have returned to pre-Katrina levels.
Retail gas prices plunged an average of 23 cents nationwide in the past two weeks, marking a return to pre-Hurricane Katrina levels, according to a survey. The weighted average price for all three grades declined to $2.45 a gallon on Friday, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country. Self-serve regular averaged $2.43 a gallon nationwide. The price for midgrade was $2.53, while premium-grade hit $2.63.
The average pump price for all three grades on Aug. 29, the day Katrina made landfall on the Gulf Coast, was $2.65, according to the survey. The lowest average price in the nation for regular unleaded among the stations surveyed was $2.06 a gallon in Tulsa, Okla. The highest was $2.74 in Miami.
Good news, indeed. I’m sure President Bush will get tons of credit for this trend, since he was blamed for the price spike.