June 10, 2019
By Alex Mills
School is out. Before long families will load up the SUV and begin heading down the highways. They will find a decline in gasoline prices in recent weeks that are an average of 13 cents lower than last year.
The Energy Information Administration reports gasoline prices averaged $2.69 per gallon in the U.S. last week down from $2.82 in 2018. Texas had the lowest price of $2.42, and California had the highest at $3.928.
Gasoline prices peaked in July 2007 at $4.05 per gallon. The most recent low price occurred in February 2016 at $1.63.
The major reason for the decline has been a decrease in crude oil prices, which have dropped almost $20 per barrel from a high of $70 a few months ago. Oil closed on the New York Mercantile Exchange at $51.64 on Wednesday, declining $1.75 during the week….