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.

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

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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

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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