Gasoline Plunges 21¢ to $3.55 a Gallon, Lundberg Survey Reports

Gasoline fell almost 21 cents in the past two weeks to $3.55 a gallon, according to the latest Lundberg survey of filling stations released Sunday, while oil held near a four-month low in the wake of Hurricane Sandy.

Lundberg’s survey, which covered the period ended Friday, is the lowest since late July and marks the steepest drop since December 2008, matching recent plunges in the Department of Energy’s weekly diesel and gasoline price surveys.

Oil, meanwhile, traded near a four-month low at about $85 a barrel in early Monday trading on the New York Mercantile Exchange, Bloomberg reported.

Crude futures finished last week’s trading at $84.86 a barrel, the lowest Nymex closing price since July 10, according to Bloomberg figures.

San Francisco had the most expensive gasoline price, with an average price of $4.05 a gallon, while Memphis, Tenn., had the lowest among cities surveyed, at $3.11, Lundberg reported.

The Department of Energy will release its weekly survey of diesel and gasoline pump prices Monday afternoon in Washington.