Gas Prices Continue Two Week Drop

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Gas Prices Continue Two Week Drop

NEW YORK -- After a record July, the latest Lundberg survey reports the average retail price of a regular gallon of gasoline in the United States dropped to $3.70.

This marks a decline of approximately 15 cents per gallon over the last two weeks. While crude oil is dropping, survey editor Trilby Lundberg told Reuters the decrease resulted from a weaker gasoline demand and slimmer profit margins for both refiners and gasoline retailers.

St. Louis, Mo., had the lowest average price for self-serve, regular unleaded gas at $3.37 a gallon, while the highest price was $4.34 a gallon in Anchorage, Alaska. In Los Angeles, the largest U.S. gasoline market, the average price was $3.92, according to the report.

Lundberg told Reuters if crude oil prices do not increase, motorists will likely see a continue drop in prices at the pump. Pricing is also reflected in recent volatility in crude oil prices, a shaky U.S. dollar as well as uncertainty over Russia’s regional energy supply control, she noted.