Gas Prices Down Nearly 7 Cents
CAMARILLO, Calif. (AP) _ Gas prices fell nearly 7 cents nationwide in the past two weeks, for a total drop of more than 28 cents a gallon since Sept. 7.
The average retail price of a gallon of gasoline, including all grades and taxes, was $1.28 on Friday, down 6.61 cents from Oct. 19, according to the Lundberg Survey of about 8,000 stations nationwide. Gas cost $1.56 a gallon Sept. 7.
The falling prices were the result of lower crude oil prices, plentiful supply and weak demand, analyst Trilby Lundberg said Sunday.
A gallon of gas costs less now than it did last year and in 1999. Gasoline cost $1.60 a gallon in November 2000 and $1.31 a gallon in November 1999.
Lundberg said prices could stay low through the end of the year if the economy continues to worsen and driving is curtailed, and if the Organization of Petroleum Exporting Countries does not decide to cut production at its meeting next week.
The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.24 a gallon for regular unleaded, $1.35 for midgrade and $1.44 for premium.