The average U.S. price for regular gasoline fell 3.5 cents in the past two weeks to $3.69 a gallon, the first decline in three months, according to the latest Lundberg Survey of filling stations.
The survey, released Sunday, covered the period ended May 16 and is based on information obtained at about 2,500 filling stations by the Camarillo, California-based company.
The price is 3.1 cents higher than the same week last year, Lundberg said. Gasoline has risen 34.2 cents since Jan. 10.
“This decline follows 12 straight weeks of rising prices,” Trilby Lundberg, president of Lundberg Survey, said yesterday in a telephone interview. “In the near term, there is a good chance that retail prices will continue dropping, but probably only modestly.”
U.S. gasoline production jumped 6.8% in the first week of week May to 9.6 million barrels a day, the most since late December, according to the Department of Energy.
The highest price in the lower 48 states among the markets surveyed was in San Francisco, at $4.17 a gallon, while the lowest was in Albuquerque, New Mexico, at $3.32, Lundberg said.