The national Lundberg Survey, which canvasses 5,000 gas stations, reported this afternoon that gas prices have tumbled 35 cents in the past two weeks, reflecting sharp declines in the price of oil throughout the world. The average price of a gallon of regular gasoline at self-serve stations was $3.31 Friday. Midgrade was at $3.45 and premium was $3.57. Diesel averaged $3.95.
Gas was cheapest in Wichita, Kan., at $2.79 for a gallon of regular. It was most expensive in Honolulu at $3.91. Outside the Philadelphia area, where I live, I was able to fill up at $2.93 a gallon on Saturday.
The price of a barrel of crude plunged below $78 last week. Investors are moving out of commodities and toward gold in the current financial market distress.