Gas Prices Level Off

CAMARILLO, Calif. -- Gas prices fell nearly 1 cent a gallon nationally in the past two weeks as the low demand typical of January met with ample supplies, according to fuel analyst Trilby Lundberg.

Prices at about 8,000 convenience stores nationwide averaged $1.11 a gallon for self-serve regular, compared with $1.12 a gallon two weeks ago, according to the Lundberg survey. The price per gallon for all grades and taxes was $1.14, down 0.97 cent per gallon from Jan. 13, the date of the last survey.

The national weighted average price of gasoline, including taxes, at self-serve pumps was about $1.11 a gallon for regular unleaded, $1.21 for mid-grade and $1.30 for premium.
The dip in prices came after a 3-cent price hike recorded two weeks ago -- the first increase since the Sept. 11 terrorist attacks. Between Sept. 7 and Dec. 21 prices plummeted nearly 45 cents a gallon.

"Just because it moved down a penny in the past two weeks doesn't mean we're heading for another crash," Lundberg said. "The price is very low historically and the trend is more likely to be flat or rising moderately."

A year ago, motorists were paying $1.53 a gallon for gas. January is traditionally the lowest-demand month of the year.