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U.S. ENERGY INFORMATION ADMINISTRATION Gasoline Price Decline Gives Consumers a Holiday Gift
U.S. consumers will see December holiday gasoline prices across the nation averaging about 11 cents per gallon less than at the same time last year, according to the latest weekly gasoline survey by the Energy Information Administration. As of December 22, 1997, the U.S. average self-serve cash price for regular gasoline was $1.121 per gallon, reflecting the sixth consecutive week of decline. Gasoline prices began this year at about $1.23 per gallon, but declined mainly as a result of falling prices for crude oil, the major feedstock used to produce gasoline. Retail prices bottomed out at $1.17 in mid-summer, but unusually strong demand in July strained supply and drove prices up again to a peak of about $1.24 around Labor Day. Since then, retail prices have been steadily falling, mainly due to the seasonal decline in demand, and by mid-November had returned to their pre-runup level. In recent weeks, declining crude oil prices have pressured retail prices downward by another 5 cents per gallon. Gasoline prices may fall even further this winter as demand declines seasonally, particulary if crude prices continue to weaken.
EIA Program Contact: John S. Cook, 202/586-5214 EIA Press Contact: Thomas Welch, 202/586-1178 EIA-97-38 Contact:
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