Gas Prices Take Plunge, Says AAA
12 February 1998
Gas Prices Take Plunge, Says AAABELLEVUE, Wash., Feb. 12 -- The average price of self-serve unleaded gasoline fell 11.7 cents per gallon since mid-December and the national average gasoline price fell 5.7 cents per gallon between December 9 and January 20 -- the biggest drop between monthly surveys since 1991, according to AAA Washington. Gas prices in central and western Washington are down an average of 16 cents per gallon since Thanksgiving. The average cost for a gallon of regular unleaded self-serve fuel is now $1.150 compared to the average Thanksgiving price of $1.318 and a Christmas holiday average of $1.267. Last year, the March 1997 average fuel price for unleaded, self-serve was $1.285. Gasoline prices have fallen for four consecutive months and nationally have reached the lowest point since February 1996. Industry analysts attribute the decline in prices across the country to a decrease in the spot price of crude oil brought about by the decline in demand in Asia due to recent economic troubles and a generally mild winter in much of the United States and Western Europe. Also, stocks of gasoline and crude oil are up over last year's level and there is less demand for gasoline as motorists drive significantly less in winter months than during the spring and summer. Competition among gasoline retailers is strong in many areas of central and western Washington, thus contributing to the reduction in gas prices in these areas. AAA Washington is a not-for-profit travel services organization with 13 offices in central and western Washington. The club provides more than 570,000 members with travel, insurance, financial and auto-related services. Area by Area Comparison of Self-Serve Regular Unleaded Fuel Prices President's Day Thanksgiving Christmas 1998 1997 1997 Bellevue/Eastside 1.169 1.349 1.289 Bellingham 1.157 1.333 1.280 Bremerton 1.096 1.284 1.250 Everett 1.171 1.347 1.272 Lynnwood 1.177 1.339 1.270 Olympia 1.160 1.307 1.269 Renton 1.192 1.331 1.299 Seattle 1.220 1.350 1.320 Tacoma 1.159 1.329 1.289 Tri-Cities 1.081 1.111 1.094 Vancouver 1.145 1.354 1.275 Wenatchee 1.129 1.390 1.319 Yakima 1.136 1.321 1.253 AVERAGE 1.150 1.318 1.267 SOURCE AAA Washington