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Quick Hits: Gasoline Now Costs Only Arm, Drivers Keep Leg


Brief scrutiny of today's headlines.

The Lundberg Survey of 7,000 gas stations nationwide shows the price of gasoline continues to drop.

The average price for a gallon of regular gasoline at self-serve stations was $3.85 on Friday, down about 15 cents from two weeks ago.

Lundberg says the average price for mid-grade gasoline was $3.98 a gallon and the average price for premium was $4.10. A gallon of diesel fuel was $4.64.

Anchorage, Alaska had the most expensive gasoline at $4.37 a gallon for regular; Tulsa, Oklahoma had the cheapest at $3.50. The price of gas remained above $4 a gallon only in the western states. The average price in California was $4.10 a gallon, down about $0.02 a gallon in 2 weeks.

The price of a barrel of oil recently fetched $116.40 on the New York Mercantile Exchange, down nearly 21% from the high of $147.27 on July 11.

Russia's invasion of Georgia could mean higher prices as the pump. According to press reports, Russian fighter jets have attacked the Baku-Tbilisi-Ceyhan oil pipeline that caries crude from the Caspian Sea to Turkey and Western markets.

Oil has become an issue in the presidential election. John McCain calls for offshore drilling while Barack Obama calls for conservation, including proper inflation of tires.

Major oil companies, including Exxon-Mobil (XOM), Chevron (CVX) and Conoco (COP), have reported strong earnings as the price of oil soared.
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