Good Old Days Return at Gas Pumps
Mar. 09, 1998
LOS ANGELES (AP) _ Remember the good old days? When it comes to paying for gasoline, this is one of them.
Motorists can thank dropping crude oil prices and a price war among refiners and distributors, an industry analyst said.
The average all-grade pump price has dropped nearly 3 cents since Feb. 20, analyst Trilby Lundberg said Sunday.
The national average for self- and full-service combined was $1.0924 as of March 6, according to the Lundberg Survey of 10,000 gas stations nationwide. Since September, the average has fallen more than 23 cents.
Regular self-serve gasoline was selling for less than $1 at nearly half the stations.
When the figures are adjusted for inflation, it means customers are getting the lowest price ever, she said.
Sagging crude prices and battles among refiners and distributors helped prices plummet, Lundberg said.
Crude continued its slump from the $24-per-barrel range late last year to below $15.