The average price of regular gasoline at U.S. pumps dropped 13.38 cents to $2.942 a gallon in the two weeks ended Nov. 7, falling below $3 for the first time in almost four years, Lundberg Survey said.
Prices are 27.55 cents lower than a year ago, according to the survey, which is based on information obtained at about 2,500 filling stations by the Camarillo, California-based company.
The average is the lowest since Dec. 3, 2010, down 78.04 cents a gallon from the May 2 peak of $3.723, said Trilby Lundberg, the president of Lundberg Survey. She said it was the first average less than $3 a gallon since Dec. 17, 2010.
“Crude oil price slippage again has pulled gasoline prices down, but we are coming to the end of this downhill ride,” Lundberg said in a telephone interview yesterday.
The highest price for gasoline in the lower 48 states among the markets surveyed was in San Francisco, at $3.27 a gallon, Lundberg said. The lowest price was in Memphis, Tennessee, where customers paid an average of $2.65 a gallon. Regular gasoline averaged $3.21 a gallon on Long Island, New York, and $3.20 in Los Angeles.
West Texas Intermediate crude, the U.S. benchmark priced in Cushing, Oklahoma, declined $2.36, or 2.9%, to $78.65 a barrel on the New York Mercantile Exchange in the two weeks to Nov. 7.