Gasoline Prices Drop 1 Cent, Lundberg Reports

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.S. self-serve regular gasoline pump prices slid 1 cent in the past two weeks to an average $2.30 a gallon, according to the most recent Lundberg survey of filling stations released Sunday.

Midgrade averaged $2.40 and premium-grade was at $2.50 a gallon, according to analyst and report author Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 U.S. filling stations.

The one-cent drop in regular grade followed a 10-cent jump for the previous two-week period, to $2.31 a gallon. The current survey was for the period from July 8 through Friday.

Lundberg cited Hurricanes Dennis and Emily mostly sparing spared the U.S. Gulf Coast oil facilities and strong stocks of crude oil and gasoline as two reasons for the decline, Bloomberg reported.

The lowest price for self-serve regular-grade gasoline was in Fargo, N.D., at $2.11 a gallon, while the highest was in San Diego, at $2.58.