Michigan gets some relief in gas prices

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Michigan gets some relief in gas prices this week

By The Associated Press March 13, 2000 5:21 p.m. CST

DETROIT (AP) -- Gasoline prices are down slightly across the state this week, AAA Michigan said.

The statewide average price for a gallon of self-serve regular dropped 3.3 cents to $1.58, the auto club said Monday. In the Detroit prices, average prices for the same gallon dropped 2.4 cents to about $1.55.

The decrease ends three straight weeks of hefty price increases, each 5 cents or more.

Prices average 59.2 cents a gallon more than gasoline cost during the same week last year across Michigan, AAA said in a statement.

Last week, a record high for the state was posted -- nearly $1.62 for a gallon of self-serve regular.

The average retail price of gasoline nationwide, including all grades and taxes, was about $1.59 per gallon on Friday, up 11.99 cents from Feb. 25, according to the California-based Lundberg Survey of 10,000 stations.

The costliest gas -- premium at full-service stations -- flirted with the $2-per-gallon benchmark.

But analyst Trilby Lundberg said consumers could take some comfort that when adjusted for inflation, the average overall price is still lower than the record set two decades ago.

"The true high was June 1980, with $2.66 for all grades combined using today's dollars," Lundberg said.

The International Energy Agency reported last week that the United States and the world's other richest countries have depleted their oil inventories to the lowest levels in four years.

The Organization of Petroleum Exporting Countries is worried about the recent price volatility. Analysts now expect the group to ease some of the production cuts that it made in 1998 and 1999 to boost prices.

Copyright 2000 The Associated Press

http://cnews.tribune.com/news/tribune/story/0,1235,tribune-nation-45672,00.html

-- Martin Thompson (mthom1927@aol.com), March 13, 2000


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