US gasoline pump prices fall from record highs - AAA

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WIRE:04/18/2000 14:31:00 ET US gasoline pump prices fall from record highs - AAA

NEW YORK (Reuters) - U.S. retail gasoline prices dropped 5.4 cents from their all-time highs to an average of $1.489 a gallon since last month, tracking a recent drop in crude oil prices, the American Automobile Association (AAA) said Tuesday. The price drop marks the largest one-month decline at the pumps since the spring of 1999, when global oil producers, including members of the Organization of Petroleum Exporting Countries (OPEC), began squeezing world oil supplies.

Last month, OPEC members decided to re-inject more oil into the world market, easing crude oil prices and, in turn, allowing lofty gasoline prices to settle back, AAA said in their monthly fuel gauge report.

The drop in gasoline prices "is welcome news for millions of motorists," Susan Pikrallidas, AAA spokeswoman, said in a release. "OPEC's decision to increase production will hopefully bring prices even lower as the summer driving season approaches."

The current national average price for regular unleaded gasoline slots in as the second highest on record, with last month's average of $1.543 the high, according to AAA, which has been tracking retail gasoline prices since the early 1970's.

As usual, gasoline prices were highest in the West at an average of $1.658 a gallon. They were cheapest in the Midwest at $1.379 a gallon. In the Southeast prices averaged $1.448, while in New England they were $1.533 a gallon, the report said.

http://abcnews.go.com/wire/World/reuters20000418_2779.html

-- Martin Thompson (mthom1927@aol.com), April 19, 2000

Answers

And yet, OPEC exports were 144,000 barrels a day under--yes, under--their low-quota quotas for the last month of their restrictions: March. Go figure.

-- Uncle Fred (dogboy45@bigfoot.com), April 19, 2000.

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