Gas Prices Fall Nearly 2 Cents
LOS ANGELES (AP) _ Although gasoline prices fell about 1.7 cents per gallon in the past two weeks, motorists might have to pay more soon, partly because of the Iraqi crisis, an industry analyst said.
The average cost of gasoline was about $1.14 per gallon on Friday, according to the Lundberg Survey of 10,000 stations nationwide.
Gasoline prices have been slipping since September and have dipped 7 cents since the beginning of the new year. Further reductions are unlikely, analyst Trilby Lundberg said Sunday.
``This price level is not sustainable,″ she said. ``Refiners and dealers are hitting their price floors. The capacity to cut prices is running out.″
Lundberg said crude oil prices are rising out of concern that open warfare may be looming in the Middle East and could disrupt oil supplies. The United States has threatened to attack Iraq, which has balked at allowing U.N. inspectors unconditional access to suspected weapons sites.
At self-service pumps, regular gasoline was about $1.08 per gallon, mid-grade was about $1.19 and premium was about $1.27.
At full-service pumps, regular was about $1.52, mid-grade was $1.60 and premium was $1.67.