Tags: crude | oil | prices | decline

Pump Prices Keep Falling; Oil Drops Below $97

Friday, 28 June 2013 03:27 PM EDT

As the week went along, Americans' commutes got cheaper.

The average price for a gallon of gasoline fell by 6 cents from Monday through Friday, to a two-month low of $3.51 per gallon. The average fell at least a penny in 48 states, with only Hawaii prices gaining a fraction and Idaho's staying flat. The steepest declines were in Indiana (15 cents) and Michigan (14 cents).

A number of refineries that suffered outages in the Midwest in the past month or so returned to operation, easing a shortage of gasoline and dropping prices. The average price has fallen 40 cents in both Michigan and Wisconsin since June 1.

Meanwhile, the price of oil fell Friday for the first time this week, and it finished the second quarter of the year with a slight loss.

Benchmark oil for August delivery fell 49 cents to end at $96.56 per barrel on the New York Mercantile Exchange. For the April-June quarter, oil slipped 67 cents, although it rose 11 percent from a low of $86.68 on April 17.

The decline at the gas pump is good news for drivers as the July 4 holiday approaches. Most should pay less than on Memorial Day, when gas averaged about $3.65. But this year's June swoon isn't as large as last year's. By Independence Day in 2012, the average price was $3.34.

Brent crude, which is used to set prices for oil used by many U.S. refineries to make gasoline, fell 66 cents to $102.16 a barrel.

© Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Economy
As the week went along, Americans' commutes got cheaper. The average price for a gallon of gasoline fell by 6 cents from Monday through Friday, to a two-month low of $3.51 per gallon.
crude,oil,prices,decline
251
2013-27-28
Friday, 28 June 2013 03:27 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved