Gasoline’s national average price decreased 2.01 cents in the past two weeks to $3.363 a gallon, the lowest level in nine months, according to the latest Lundberg Survey of filling stations.
The price is about 39.01 cents below the same period last year and the lowest since Jan. 25, analyst Trilby Lundberg said in her latest survey, which covered the two-week period ended Oct. 18. The survey, which was released Oct. 21, is issued twice a month.
Gasoline futures on the New York Mercantile Exchange rose 6.56 cents, to $2.67 a gallon, in the two weeks ended Oct. 18.
The San Francisco area had the highest price among areas surveyed by Lundberg, at $3.81 a gallon, while Albuquerque, N.M., had the lowest at $3.03.
“It would take another substantial downturn in crude oil for the retail gasoline price decline to continue,” Lundberg told Bloomberg News.
“The squeeze is on, so we can probably expect that wholesale price-cutting will probably slow or ease,” she said.