Gas Prices Retreat As Oil Reserves Continue To Release Supply
From the archive: published Jun 26, 2011, 15 years ago. Details may have changed since.
Even as the upcoming fourth of July weekend approaches gas prices throughout the United States have continued to retreat, reaching a $3.60 average this past Friday.
The price retreat is the fifth straight week in which prices fell, including 5% last week alone after President Obama and several other countries released 60 million barrels of oil, including approximately 30 million barrels from the U.S. Strategic oil supply, a move meant to curb financial speculation over oil prices.
The national average is down 8 cents from just one week ago and down 21 cents for the month, taking price drops to 38 cents since May.
While the prices mark a good sign for the economy, prices are still 85 cents higher than they were during the same period in 2010.