Wednesday, April 25, 2007

Gas Prices Decrease

From This Week in Petroleum

Gasoline saw a slight decrease for the week of April 23, 2007, falling 0.7 cent to 286.9 cents per gallon. Prices are 4.5 cents per gallon lower than at this time last year. East Coast prices were down 0.4 cent to 283.5 cents per gallon. The Midwest saw prices fall 3.2 cents to 277.5 cents per gallon. Prices for the Gulf Coast dropped 0.8 cent to 275.5 cents per gallon. Rocky Mountain prices increased 4.3 cents to 284.4 cents per gallon, while West Coast prices were up 2.3 cents to 321.8 cents per gallon. The average price for regular grade in California was up 1.1 cents to 331.6 cents per gallon, 24.8 cents per gallon above last year's price.

The good news in this report is the price difference between this year and last year has decreased to 4.5 cents. The bad news is gas inventories are still declining. Here's the chart from the same report:

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Refiners aren't leaving any room for error in their production capabilities right now.