Gas Prices Dip as Refineries Finish Projects

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Gas Prices Dip as Refineries Finish Projects

07/27/2004
CAMARILLO, Calif. -- Gas prices dropped slightly in the past two weeks as refineries finished projects that caused a temporary dip in production, an industry analyst said Sunday, according to the Associated Press.

The weighted national average price for all three grades of gasoline fell a little less than a penny between July 9 and Friday to $1.95 per gallon, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey. The survey polls nearly 8,000 gas stations across the nation.

That represents a drop of 15.4 cents per gallon since May 21, when the average price was slightly above $2.10.

Self-serve regular averaged $1.92 per gallon during the two-week period. Mid-grade gasoline averaged $2.02 per gallon, while premium averaged $2.11 per gallon.

Lundberg said refineries had finished several projects designed to maximize output for summer travel, leading to the drop in prices. She said an increase in crude oil prices prevented prices from falling even further.