Recent Lundberg Survey Shows Average Price of Gas in the United States Fell 8.2 cents in Two Weeks

Recent Lundberg Survey Shows Average Price of Gas in the United States Fell 8.2 cents in Two WeeksIn the last two weeks, average gallon of gasoline prices have dropped across the United States by 8.2 cents reaching its lowest level noted in the last seven years. On Sunday a Lundberg survey released also showed that the price of regular grade gas dropped to approximately $1.82 a gallon, in the survey conducted on February 5, compared to $1.91 on January 22.

However, the price is the lowest noted since Jan. 9, 2009, when a gallon averaged to almost $1.78 according to Trilby Lundberg, the survey publisher.

The recent gasoline price was 37 cents lower compared to one year back, pushed mainly by a competitive pressure. The refineries were prompted to cut down the wholesale gasoline price as crude oil prices also dropped.

Oil prices had somewhat stabilized two weeks before dropping to their lowest since 2003 in the middle of a supply glut earlier than the previous survey.

According to Lundberg, oil price drop might carry on its downward trend in case crude oil costs slide further.

In the Lower forty eight states, the average price of regular gasoline vary quite a bit with Los Angeles being the highest at $2.62 per gallon and the lowest $1.44 in Tulsa, Oklahoma.

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