U.S. Gas Prices Down Nearly 4 Cents
CAMARILLO, Calif. (AP) _ The average price of gasoline in the U.S. has dropped nearly 4 cents a gallon at the pumps in the past two weeks, an industry analyst said.
Lower crude oil prices and increased production were behind the decline, analyst Trilby Lundberg said Sunday.
``The retail price cut speeded up the past two weeks. Lower crude oil prices are the main cause, however, gasoline is also in greater supply,″ Lundberg said after examining results of Friday’s Lundberg Survey of 10,000 gas stations.
Gas prices nationwide, including all grades and taxes, averaged $1.532 per gallon, which was down 3.89 cents from the $1.5709 average on April 7. That was down 2.5 cents from the year’s high of $1.5958 on March 24.
``This is a much bigger drop than last time and further gas price cuts are more likely than not,″ Lundberg said, adding she was still cautious about predicting pump price drops.
The Camarillo-based Lundberg Survey showed the national average price of gasoline, including taxes, at self-serve pumps was $1.4835 for regular, $1.5805 for mid-grade and $1.6643 for premium. At full service pumps, the average was $1.8136 for regular, $1.910 for mid-grade and $1.9776 for premium.