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Gas Prices at Lowest Since 2009, but Bottom in Sight

The average price of a gallon of gasoline in the United States fell 13.3 cents in the past two weeks, dropping to its lowest level since late April 2009, but the end of a months-long slide may be near. Prices for regular grade gasoline fell to $2.07 a gallon in the survey dated Jan. 23 from the previous survey on Jan. 9, according to the Lundberg survey released Sunday.

The recent drop has taken prices down more than $1.24 a gallon from the same period a year ago, a decline driven by losses in the crude oil market from its June peak.

However, survey publisher Trilby Lundberg noted that the drop in pump prices was less steep than it had been in previous periods and that the price many wholesale customers paid for gasoline rose in the past 10 days, suggesting a bottoming-out or increase in retail gasoline prices could be looming.

IN-DEPTH

-- Reuters