Guam – Mobil dropped the price of regular unleaded gasoline by ten cents Tuesday night to $4.43 a gallon.
By Wednesday morning, as they usually do, both Shell and 76 had followed Mobil’s lead, implementing the same 10-cent price cut of their own, bringing all 3 island fuel suppliers to the same level again, $4.43 a gallon.
Since February 28 when the price per-gallon was 2-cents shy of $5 dollars, the cost of gasoline on Guam has tumbled 55-cents.
This latest price decline is in-line with falling crude oil prices world-wide. Guam’s gasoline is brewed in Singapore and the Asian benchmark, Tapis crude, has fallen to $103-dollars a barrel from a high of $135-dollars back in March.
However, the declining price of crude is also a measure of the worsening global economic situation. Worries about the fate of the Euro and a slowing U.S. economy have dampened demand.
This latest 10-cent drop follows a 25-cent drop in the price per gallon of regular unleaded on June 5th.
This is the fourth price decrease in the past 2 months.
There was 1 price increase in January and 3 increases in February of this year.
1. January 12 – prices jumped 10-cents from $4.53 to $4.63 for regular unleaded
2. February 1 – another 10-cent jump to $4.73.
3. February 14 – a 15-cent hike to $4.88
4. February 28 – a 10-cent jump to $4.98.
5. May 8 – 10-cent decrease to $4.88
6. May 18 – 10-cent decrease to $4.78
7. June 5 – 25-cent price decrease to $4.53
8. June 19 – 10-cent price decrease to $4.43