Tags: gasoline | inflation | consumer | price

US Gasoline Price Drops Nearly 9 Cents a Gallon

Sunday, 14 Aug 2011 02:40 PM

The average price of gasoline in the United States fell by 8.98 cents over the past three weeks due mainly to declines in the crude oil market, according to the nationwide Lundberg Survey.

The national average price for a gallon of regular gasoline declined to $3.61 on Aug. 12, according to a survey of about 2,500 gas stations in the continental U.S.

Tucson, Arizona had the lowest average price for regular gas at $3.26, while Chicago had the highest at $3.97.

The current price is still higher than the average price of $2.77 a year ago.

"Bad news on the economic front ... has cut oil prices and they are working their way through to the retail pump," said Trilby Lundberg, the survey's editor.

"It bodes badly for oil demand and this fear in the oil market is what is bringing oil prices down to their lowest since late 2010."

Lundberg cited unemployment, especially those without full-time jobs, as factors for a decline in demand for gas since fewer people are commuting to work.

U.S. September crude oil fell 34 cents to settle at $85.38 a barrel on Friday. The loss on the week was 1.73 percent, but U.S. crude recovered from the week's $75.71 low, weakest since the intraday low of $75.60 on Sept. 29.

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The average price of gasoline in the United States fell by 8.98 cents over the past three weeks due mainly to declines in the crude oil market, according to the nationwide Lundberg Survey. The national average price for a gallon of regular gasoline declined to $3.61 on...
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2011-40-14
 

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