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The average price of U.S. retail gasoline dropped 18 cents in the past two weeks to the lowest level in nearly four years, driven by a steep drop in oil prices, according to the latest Lundberg survey released on Sunday. Prices fell 18 cents to an average of $3.08 per gallon for regular grade gasoline, according to the fortnightly survey conducted on Oct. 24, the lowest price since Dec. 2010.
The fall mirrors a drop in crude oil prices that have been pressured by ample global supplies and weak demand over the past four months. "The overwhelming reason why gasoline prices are down is that crude oil prices have fallen," said survey publisher Trilby Lundberg. The gasoline price is down from a 2014 peak of $3.72 hit in May and is 29 cents lower than the same period a year ago, she said. The highest price in the country was recorded in San Francisco at $3.45 per gallon, with the lowest price in Memphis at $2.73.