IRVING -- The fall in the price of crude oil was reflected in a drop in the average retail cost of gasoline in Texas this week.

AAA Texas on Friday reported a 7-cent decline in gasoline prices, settling at an average $3.92 per gallon.

Nationally, the average price for self-serve regular slipped 9 cents, to $4.02.

AAA Texas said Corpus Christi had the least expensive gasoline statewide this week, at $3.86 per gallon.

The most expensive gasoline average in Texas could be found in the Austin-San Marcos areas and El Paso, at $3.93.

S&P downgrades debt of 3 airlines

MINNEAPOLIS -- Standard & Poor's downgraded the debt of some of the nation's largest carriers Friday, saying high fuel prices were likely to cause heavy losses this year at American, United and Northwest airlines.

S&P airline analyst Philip Baggaley said that in general, carriers faced "perhaps a bit greater risk of liquidation" although he quickly added, "We think the airlines we've reviewed here are large and viable airlines."

He said the airlines had enough cash for the next several quarters. But he is more concerned about later next year because some of that cash is likely to be gone and because the relief -on-lending covenants won by American, United and Northwest will be expiring.

EU approves buyout of EDS by Hewlett

BRUSSELS, Belgium -- European Union antitrust regulators have approved Hewlett-Packard Co.'s proposed $13.2 billion purchase of technology services provider Electronic Data Systems Corp.

The European Commission's decision, announced Friday, said the deal between the two U.S. companies would not hinder competition on the EU market.

It said EDS and HP did not compete heavily against each other in the information technology markets in which they do business.

Hewlett-Packard, based in Palo Alto, Calif., announced in May that it had agreed to buy EDS, based in Plano.

HP, maker of personal computers and printers, prizes EDS because it wants to become a much bigger player in technology services.

Wire reports

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