NEWS from AAA South Dakota, August 8 2007 – South Dakota’s statewide average price for self-serve regular gasoline has fallen 29 cents per gallon over the last 25 days, according to AAA South Dakota.

“Thanks to higher refining output, today’s gas price average in South Dakota is $2.963, compared to $3.259 recorded on July 16,” said Mark Madeja, spokesman for AAA South Dakota. “However, there’s still a significant gap between Sioux Falls and Rapid City prices. Today, Sioux Falls’ average is 13 cents below Rapid City’s average at $3.030.”

AAA’s Fuel Gauge Report (http://www.fuelgaugereport.com/) today shows the nationwide average for self-serve regular gasoline at $2.821 per gallon, 4.6 cents less than one week ago and 21 cents below the $3.031 recorded three weeks ago. The national retail gas price average has not been this low since April 13 of this year.

“The volatility on Wall Street seems to have spread to the futures market for oil and wholesale gasoline this week,” said Madeja. “Oil is now trading in the $72 to $73 range on the New York Mercantile Exchange after testing new highs above $78 last week.”

However, today’s government inventory report shows crude oil stocks down by 4.1 million barrels since last week and gasoline inventories down by 1.7 million barrels.

Across the country, several states have a lower gas price average than South Dakota, including South Carolina with the nation’s least expensive gas at $2.621, Missouri at $2.686, Arkansas $2.728 and Texas $2.744.

Five states today have gas price averages above $3. Among the contiguous 48 states, New York has the most expensive gasoline at $3.050 per gallon.