Tags: gas | prices | fall | 4 | years

Survey: Gas Prices Post Biggest Fall in Nearly 4 Years

Sunday, 04 Nov 2012 05:27 PM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink

The average U.S. price for a gallon of regular gasoline took its biggest drop since 2008 in the past two weeks, due to lower crude oil prices, a big price drop in pump prices in California and Hurricane Sandy, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.5454 per gallon on Nov. 2, down 20.75 cents from Oct. 19 when drivers were paying $3.7529 at the pump, Lundberg said.

The decline was the biggest two-week price drop since the survey recorded a 21.9 cents price decline Dec. 5, 2008 due to a crash in petroleum demand during the global recession.

Urgent Poll: Romney or Obama? Final Decision — Vote Now!

Even though many people had to line up for gasoline for hours after Sandy devastated much of the Northeast coast, the storm played a part in the price decline as many would-be consumers were not able to travel as a result, according Trilby Lundberg, editor of the Lundberg Survey.

Lundberg also cited the seasonal dip in demand that typically comes after August.

While demand appeared to be very high for gasoline in New York and New Jersey after the storm, Lundberg said that purchases were down because many people could not get to fuel.

However, supply shortages were not causing an increase in the average price of gasoline, according Lundberg.

"There is a fear among retailers that they will be accused and prosecuted for price gouging if they raise prices enough to prevent running out," she said, adding that the problems would be unlikely to end soon.

"It's going to be a long and hard recovery for infrastructure and fuel supply but also for fuel demand," Lundberg said.

Another reason for the total U.S. price decline in the latest survey is California, the biggest state consumer, where pump prices fell 49 cents in past two weeks after an extreme price increase a month ago because of refinery problems.

Urgent Poll: Romney or Obama? Final Decision — Vote Now!
 

The Nov. 2 survey shows that gas prices have fallen a total of 29.21 cents in the last month, Lundberg said.

The highest prices for regular gasoline recorded in the Nov. 2 survey were in San Francisco at $4.05 a gallon, while drivers in Memphis, Tennessee were paying the least at $3.11 per gallon.

© 2014 Thomson/Reuters. All rights reserved.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Activist: Cummings' Questions 'Eerily Similar' to IRS Probe

Wednesday, 16 Apr 2014 12:12 PM

Conservative activist Catherine Engelbrecht said the questions Maryland Democrat Rep. Elijah Cummings asked her during a . . .

Oliver North's Expertise on Iran-Contra for 'The Americans' Stirs Anger

Wednesday, 16 Apr 2014 08:26 AM

Oliver North, getting a story credit on an episode of "The Americans," stirs passions about Iran-Contra all over again. . . .

O'Reilly: Fraud, Not Racism, Behind Voter ID Card Proposal

Wednesday, 16 Apr 2014 09:25 AM

Fox News host Bill O'Reilly castigated liberals who claim voter ID laws are motivated by racism, calling the outcry a "r . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved