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Gas prices are falling

Post by Marcelene Edwards on Oct. 29, 2008 at 8:24 am with No Comments »
October 29, 2008 8:24 am

The average price of a gallon of gas in Tacoma dropped five cents from yesterday.

You think that’s good: The price – $2.63 – is $1 less than you would have paid at the pump a month ago and 48 cents below what you would have paid a year ago, according to AAA. Tacoma is tied for the lowest in the state with Bremerton and Olympia. The state average is $2.75.

The cheapest place in Tacoma according to Tacoma Gas Buddy is $2.38 at the Valero station at 1730 S. 72nd St.

Now that’s reason to celebrate.

So what’s going on? Oil prices are dropping as consumers use less fuel. The price of barrel of oil has fallen by about 57 percent since peaking near $150 a barrel in mid-July.

Today the price is about $66 a barrel on the New York Mercantile Exchange, according to The Associated Press. The price is going up today as stock markets around the world rebound.

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