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The general average at the pump this week has dropped tremendously from 10.1 cents to $4.502 per gallon, according to the U.S. Energy Information Administration. This plunge follows a $6.31 or 5 percent decline in crude oil prices during the prior week. The crude crept back up 37 cents during the most recent week. Given that the last record high of $145.29 per barrel was set on July 3, the price paid for oil futures on the New York Mercantile Exchange has fallen 16 percent. On Friday, Aug. 1, it took a small jump up to $125.10 per barrel.
Retail prices are lagging two or more weeks. Last week, they have fallen to an average of 11...
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