Today’s fuel price musings - Another day, another drop

July 25th, 2008 at 09:56am Thomas V. Bona

Oil down around $123. Some rumblings that it may have fallen too far, too fast, but the demand drop and associated increase in gasoline supplies are for real … coupled with the start of a rebound in the dollar, and the fundamentals have changed. So a drop was justified, but how much and for how much longer? I think it could keep going a bit or it could bounce back a bit, but my slightly, slightly, sliiiiightly educated guess is that it doesn’t go up a a lot for a while…

Fuel prices also down again (Numbers courtesy of AAA’s fuelgaugereport.com):

Gasoline: Rockford dropped three cents to $3.90 a gallon, a full 30-cent drop in just over a week. Our prices are also lower than they’ve been in about two months. We’re tied for tenth in the state in gas prices.  The Illinois average dropped more than two cents to $4.09, almost 16 cents below last week’s record. The national average dropped two cents to $4.01, 11 cents below last week’s record.  Illinois has the 13th-highest gas prices in the nation (including the District of Columbia).

Diesel: Rockford dropped more than a cent to $4.72, 14 cents below the record set in May. We have the sixth-highest diesel prices in the state. The state average dropped a cent to $4.79, seven cents down from last week’s record. The national average dropped more than a cent to $4.77, down seven cents from last week’s record. Illinois has the 20th-highest prices in the country (including the District of Columbia).

Entry Filed under: Fuel price musings