Lundberg: Average Gasoline Prices Fall 3 Cents a Gallon

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he average price for all grades of gasoline fell 3 cents a gallon in the past two weeks to $2.24, according to the Lundberg survey of stations nationwide.

The most popular grade, self-serve regular, was priced at $2.21 a gallon, while customers paid $2.31 for midgrade. Premium averaged $2.41 a gallon. Lundberg said.

The most recent drop comes after a 4.5-cent drop in overall gas prices during the last survey, taken between April 8 and April 22.

Analyst Trilby Lundberg told Bloomberg News the decline reflected "the improved crude oil and gasoline supply situation." The trucking industry uses an average 269 million gallons of gasoline each week.

Average gasoline prices rose 49 cents per gallon between Jan. 1 and April 8, when prices began a downward trend, Lundberg said.

Lundberg also said that gasoline prices hit a record $2.29 a gallon last month as crude oil futures rose to $58.28 a barrel on April 4, the highest-ever in New York trading. Prior to this year, the highest price in the survey was $2.07 on May 21, 2004.

Lundberg reported the lowest price for self-serve regular gasoline was in Minneapolis at $1.95 a gallon. The highest was in San Francisco at $2.60.

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