Finally! AAA Texas Notes Relief at the Pump
by: Ed Mayberry, June 2, 2011 9:06:00 pm
A month after the largest one-week drop in crude oil prices in the history of the New York Mercantile Exchange, drivers are finally beginning to feel some relief at the pump. According to AAA Texas, the price of a gallon of gasoline in the state has slipped seven cents in the past week, to average $3.63 a gallon.
Nationally, the average price is down three cents, dropping to $3.78.
The cost of a gallon is 22 cents less than it was a month ago, but prices are a dollar higher than they were on this date in 2010.
The association says the declines are due to a recent drop in crude oil prices, plus lower wholesale gasoline prices. U.S. retail gasoline demand continues to decline, compared to a year ago.
The MasterCard SpendingPulse report shows weekly gasoline demand is down 2.5 percent in the week ending May 27th.