Retail Gas Prices Drop to $2.75

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Retail Gas Prices Drop to $2.75

NEW YORK -- Prices at the pump fell $0.043 during the past two weeks, bringing the national average for self-serve regular gasoline to $2.75 per gallon, according to the most recent Lundberg survey of approximately 7,000 gas retailers, Reuters reported.

However, petroleum retailers shouldn't expect prices to fall much further, Trilby Lundberg, the survey's author, told the news organization. Higher oil prices and a tight gasoline supply are likely to stop gasoline price declines, Lundberg said.

While prices on the East Coast did not move significantly during the past two weeks, prices rose slightly on the West Coast, the Lundberg report stated.

In addition, tight supplies have caused gasoline price rises to outpace crude oil price gains, the report stated. For unbranded gasoline at terminals, prices have risen $0.08 cents, while crude oil increased $0.03 cents per gallon, Lundberg told Reuters.

Honolulu was home to the highest average price per gallon, at $3.09, while drivers in Newark, N.J., enjoyed the lowest price, at $2.52 a gallon, according to the report.

Meanwhile, in other petroleum news, additional gas retailers are jumping on the ethanol-blended gasoline trend, as Murphy USA announced it is selling a 10 percent ethanol blend at 15 area stores in Tulsa, Okla., Tulsa World reported.

Other chains in the Tulsa area that are selling ethanol-blended gasoline include QuikTrip, which began offering the fuel in mid-September, after converting its supply from summer- to winter-blended, the report stated. In addition, Kum & Go plans to offer the fuel at its 49 stations in Oklahoma beginning in 2008, the company told the paper.