BRIEFS: Consumer

The price of gas is going down

Consumers will enjoy a respite of at least 14 days from the historically high prices they've been paying for gas in recent weeks. As of today and up until Aug. 6, the price of 91 octane gas will drop seven cents. The price of 95 octane fuel will fall 13 cents. Diesel will cost eight cents less.

The price of liqueified petroleum gas, however, remains high. The Autoridad de Protección al Consumidor reported yesterday that the price of a 60-lb. tank of liquid gas rose 71 cents, while the price of a 100-lb. Tank rose $1.18.

The price of oil has dropped 15 percent since July 11, when it reached a record high of $147.27 a barrel. With yesterday's decrease of $4, oil prices are now sitting at $125.29 a barrel.

That reduction came with the news that last week U.S. petroleum reserves were diminished less than analysts had predicted. However, the possibility that the U.S. economic slowdown has decreased demand for petroleum and its derivatives may be a cause for concern for some investors.