Nevada Gas Prices Continue to Recede

By: Associated Press
By: Associated Press

Gasoline prices in Nevada continue to recede from record highs earlier this spring, but experts said it's hard to predict if the trend will last.

In its monthly survey released Wednesday, AAA said the average price in Nevada for regular, self-serve unleaded dropped to $2 a gallon. That's down 30 cents from the record high reached in late May and 11 cents cheaper than last month.

In Las Vegas, the average price dropped to a $1.97, down 9 cents from July.

The highest price was in Reno, where gas averaged $2.03 cents, a dime less than a month ago.

North Las Vegas posted the lowest price of $1.95.

Elsewhere, prices dropped 10 cents in Carson City to a $1.97; 14 cents in Sparks to $1.99; and 9 cents in Elko to a $1.97.

Nationally, the average dropped 5 cents a gallon to a $1.86.

But despite falling prices at the pumps, AAA said the cost of crude oil keeps rising amid lingering concerns over supplies from Iraq and Russian and worldwide demand.

Oil was trading around $47 a barrel Wednesday on the New York Mercantile Exchange.

Michael Geeser, spokesman for AAA Nevada, said a $1 increase in the price of crude oil adds about 2 1/2 cents to the cost of a gallon of gas.

"What will help consumers gauge which direction gas prices are headed is what the price of gas is in Nevada after the Labor Day weekend," Geeser said.

Prices typically fall after the busy summer travel season because demand eases.

Supplies in Nevada come from refineries in California, which has the most stringent environmental requirements in the nation.

But Geeser said refineries in other states and countries have increased production of California-grade gasoline to tap the lucrative market, leading to more competition and lower prices for consumers.


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