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Gas Prices Continue Slide Even As Ike Heads For Texas Coast

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By RUSSELL RAY

The Tampa Tribune

Published: September 10, 2008

TAMPA - Even though Hurricane Ike entered the Gulf of Mexico on Tuesday on a path toward the Texas coast and its vast refinery complex, gasoline prices in Florida and elsewhere continued to drop.

In the Tampa Bay area, the average price of regular unleaded slid 0.4 cents, to $3.611 a gallon, from $3.615 a day earlier, according to AAA's daily survey.

Bay area pump prices have plunged more than 16 cents a gallon in the past month, AAA said.

Bay area retailers were charging $3.49 to $3.79 for a gallon of regular unleaded Tuesday, according to www.gasbuddy .com, which tracks the highest and lowest pump prices in markets nationwide.

Statewide, the price of regular unleaded was averaging $3.684 a gallon, down from $3.818 a month ago, according to AAA.

Nationally, motorists were paying $3.652 a gallon on average, 46 cents lower than the record high of $4.114 set July 17.

The reason for the slide in gas prices locally and nationally: The price of crude oil is tumbling.

On Tuesday, oil prices fell to their lowest level in five months as members of the Organization of Petroleum Exporting Countries, meeting in Vienna, Austria, indicated that the cartel will not cut oil production.

Crude oil fell $3.08 Tuesday to settle at $103.26 on the New York Mercantile Exchange, the lowest settling price since April 1. Earlier in the day, prices dipped as low as $102.20 on the exchange.

But AAA spokesman Randy Bly warned that gas prices could surge if Hurricane Ike altered its course. The storm now appears headed on a path well south of oil and gas installations in the Gulf.

"The uncertainty of the path of Hurricane Ike could place upward pressure on oil and gasoline prices if the storm hones in on the petro-chemical coast of the northern Gulf of Mexico," Bly said.

Information from The Associated Press was used in this report. Reporter Russell Ray can be reached at (813) 259-7870 or rray@tampatrib.com.

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