Lundberg: Gasoline Prices Decline, but Increase Expected Soon

asoline prices dropped about 5 cents in the past three weeks, according to the Lundberg survey of 8,000 stations nationwide, but rising crude oil prices would likely cause prices to rise in the weeks ahead, analyst Trilby Lundberg said.

The trucking industry uses an estimated 290 million gallons of gasoline each week.

The weighted national average for all three grades of gasoline fell about 4.9 cents between July 23 and Friday to $1.90 per gallon, the Associated Press reported.

Lundberg said prices have fallen because of an increase of supply, but likely would rise because crude oil has increased by nearly $5 a barrel over the past three weeks.

The survey on Friday found self-serve regular averaged $1.87 per gallon, mid-grade averaged $1.97 per gallon and premium was about $2.07 per gallon.