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Gasoline Continues to Decline, Falling 11¢ to $3.63, Lundberg Survey Says
Gasoline’s national average price continued its downward trend, falling 11 cents in the past two weeks to an average $3.628 a gallon, according to the latest Lundberg Survey of filling stations released Sunday.
The decline follows oil prices that have dropped sharply since early May, analyst Trilby Lundberg said in her twice-monthly report.
Gas prices have dropped more than 37 cents since reaching near $4 in early May, a more than two-and-a-half-year high, Lundberg said.
Mid-grade’s average fell 11 cents to $3.89 a gallon, while premium’s dropped a dime to $3.90, according to the survey of 2,500 stations taken Friday.
Crude oil, the biggest component in retail gasoline and diesel pump prices, finished last week’s New York Mercantile Exchange trading at $91.16 a barrel, Bloomberg reported.
Oil has declined in the past two months from a two-and-a-half-year peak of $113.93 a barrel on April 29, Bloomberg figures showed.
Jackson, Miss., had the lowest average price for regular gasoline, at $3.32 per gallon, down 9 cents, while Chicago was the highest, at $4.06 per gallon, down 15 cents from the previous survey, Lundberg said.
The Department of Energy will release its weekly survey of diesel and gasoline prices Monday afternoon in Washington.
