LUBBOCK, Texas -- Drivers should spend fewer dollars filling up as 2007 draws to a close, barring no hurricanes or other gasoline supply interruptions, the Lubbock Avalanche-Journal reports.
With summer driving winding down, the average national cost of gasoline has dropped nearly 40 cents since its $3.22 per gallon high on May 21. The U.S. Energy Information Administration’s short-term outlook, published last week, predicts that the decline should continue through the remainder of 2007.
While total gasoline inventories were tight at the end of July, production of crude oil rose to meet demand. Falling gasoline prices means good news for gasoline station cashiers, who often hear first-hand from customers frustrated with the high cost of fuel.
“Not a lot of good things happen to retailers when prices are elevated,” Jeff Lenard, NACS spokesman, told the newspaper.