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Should you fill 'er up?

After eight weeks of pumping higher, gasoline prices finally edged down last week to $1.13 a gallon, says the US Department of Energy.

Gasoline prices in the DOE's nine-year survey reached a record low of 90.7 cents a gallon on Feb. 22, and then climbed steadily as oil-producing nations agreed to reduce their oil output by 2.1 million barrels a day.

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That agreement hit California motorists hardest. Average price for unleaded was $1.64 per gallon.

The recent drop in fuel prices should be short-lived, however, as the DOE is forecasting summer gasoline prices will peak in May at $1.18 a gallon and then average $1.13 for the season.

US average gasoline pump prices

1970 37.8

1975 61.1

1980 1.26

1985 1.17

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1990 1.31

1995 1.13

1998 1.08

Feb. 22, 1999 90.7

April 18, 1999 1.14

Source: US Department of Energy

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