For the Moment, Gas Prices Decline

The average price of a gallon of gas has fallen 17 cents in the past two weeks, leaving the average price per gallon at $2.88. That's mostly thanks to Midwest refiners recovering from recent difficulties. But analysts warn of a new spike in the fall or winter if OPEC fails to increase production.


NPR business news starts with the falling price of gas.

We're in another one of those periods where $2.88 a gallon feels cheap because of what came before. That is the average price per gallon right now and it's fallen 17 cents in the last two weeks. That's mostly thanks to Midwest refiners recovering from recent difficulties, but analysts warn the price at the pump will not keep declining. There are fears about the security of oil supplies around the world. A recent Merrill Lynch report warned prices could spike this fall or winter if OPEC, the oil cartel, does not start to boost its output.

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