The average price for regular gasoline at U.S. pumps dropped 5.89 cents to $3.52 in the past two weeks, according to Lundberg Survey Inc.
The survey covers the period ended Aug. 8 and is based on information obtained at about 2,500 filling stations by the Camarillo, California-based company. Prices are 7.79 cents lower than a year ago, the survey showed.
The average, which is the lowest price since March 7, may fall further, but by a smaller amount, and it might not decline at all, according toTrilby Lundberg, president of Lundberg Survey.
“The most powerful factor in the price of gasoline at the pump and at wholesale is crude oil,” Lundberg said in a telephone interview yesterday. “The prospect of a deeper oil price plunge seems diminished.”
The highest price for gasoline in the lower 48 states among the markets surveyed was in San Francisco, at $3.95 a gallon, Lundberg said.
The lowest price was in Jackson, Mississippi, where customers paid $3.19 a gallon. Regular gasoline averaged $3.75 a gallon on Long Island, New York, and $3.84 in Los Angeles.