Lundberg: Gasoline Prices Drop About 1 Cent

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he retail price of regular gasoline declined about 1 cent over the past two weeks to $1.92 per gallon, according to the Lundberg survey of about 8,000 stations nationwide.

The survey found the weighted national average price for all three grades of gasoline also fell a little less than a penny between July 9 and Friday to $1.95 per gallon. That represents a drop of 15.4 cents per gallon since May 21, when the average price was slightly above $2.10 a gallon.

The trucking industry burns about 269 million gallons of gasoline each week.

Analyst Trilby Lundberg told the Associated Press prices dropped because refineries finished projects that temporarily caused a dip in production. However, an increase in crude oil prices prevented prices from falling even further, Lundberg said.

The lowest average price for a gallon of self-serve regular was $1.74, in Tulsa, Okla. The highest average price for self-serve regular was in Honolulu, where consumers are paying $2.25 per gallon.

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