Tulsa World: Gasoline prices tame

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Gasoline prices tame
Demand remains tepid as the holiday week begins.

A nozzle protrudes from a recreational boat's tank filling spout at a gasoline station in Sacramento, Calif. In Tulsa, gas remains at about $2.36 a gallon. Rich Pedroncelli / Associated Press

By DIRK LAMMERS Associated Press
Published: 11/24/2009 2:22 AM
Last Modified: 11/24/2009 8:25 AM

Retail gasoline prices headed downward to begin one of the country's busiest travel weeks, with more than 33 million people expected to hit the road for the Thanksgiving holiday.

Americans are remaining closer to home because of the economy. Demand for gasoline is weaker now than it was last year at this time.

That is telling because a gallon of gasoline then cost only $1.93 as the economic crisis unfolded in 2008.

Unlike last year, however, gas is not falling sharply and though prices fell over Sunday night, it still cost $2.64 per gallon on average, according to auto club AAA, Wright Express and Oil Price Information Service.

In Tulsa, the most common retail price of regular-grade gasoline held steady at about $2.36 a gallon Monday.

"I think we will see some increases in the spring like we always do," said Fred Rozell, retail pricing director at OPIS. "But at this point I think we're going to kind of see a status quo for a while."

Crude prices have remained relatively strong — up 9 cents Monday to $77.56 a barrel on the New York Mercantile Exchange — which has helped keep gas prices well above $2.50.

A survey by the AAA this weekend found that the number of Americans traveling away from home for Thanksgiving will be up just 2.1 percent this year from 2008.

Crude prices have dragged retail gasoline prices higher throughout the year.

Crude in storage is above normal levels for this time of year and refiners that turn oil into gasoline, jet fuel and diesel are cutting back because demand is so weak.

Valero Energy became the latest to shut down a refinery Friday, the largest U.S. facility shut so far this year.

That follows other refiners like Sunoco and Western Refining that have shut down plants in recent months.

The Tulsa World Business staff contributed to this story.

By DIRK LAMMERS Associated Press

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