U.S. Gasoline Posts First Price Drop Since December

NEW YORK -- Drivers dealing with pinched pocketbooks can let out a small sigh of relief: the nationwide Lundberg Survey found that U.S. gasoline has posted its first price drop since December, according to Reuters. The average price for a gallon of gasoline declined 5.44 cents over the past two weeks.

The average price for regular gas of $3.9671 on April 6 fell to $3.9127 on April 20, which is still 3.27 cents higher than drivers paid one year ago. Meanwhile, average diesel prices dropped 4.15 cents from $4.1735 during the same time period.

"The decline began in California about six weeks ago," said survey editor Trilby Lundberg, who added that prices peaked in that state on March 9 at $4.3162 and have since dropped by nearly 15 percent to $4.1669, according to subsequent surveys.

"If crude oil does not shoot back up, we may find another price decline of 5 to 10 cents in the coming weeks," Lundberg added.

Chicago motorists are paying the most at an average of $4.26 per regular gallon of gasoline, still nearly 19 cents cheaper than what they paid on April 6, while Tulsa, Okla., has the lowest gas prices at $3.52 per regular gallon.