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Gas prices edge downwards after recent rise

Gasoline drips off a nozzle during refueling at a gas station in Altadena, California in this March 24, 2012, file photo. The U.S. oil industry believ...
Gasoline prices have lowered slightly in the past two weeks, according to the Lundberg Survey.MARIO ANZUONI / Reuters, file

The average price for a gallon of gasoline fell modestly over the past two weeks, ending a four-week advance, according to the Lundberg Survey.

A gallon of regular-grade gasoline costs $3.26 on average across the United States, a decline of about 1.7 cents from two weeks ago, according to the survey taken on Dec. 20. The average is essentially unchanged from the $3.2579 average from the year-ago period.

"I think the decline will prove to be just a blip as there is a good chance that wholesale gas prices will creep up more than they already have, which would translate to pressure of a few cents quite soon,'' said Trilby Lundberg, publisher of the survey.

U.S. crude oil futures rose 1.7 percent over the past two weeks, while Brent crude was up about 0.1 percent.

Long Island had the highest average price of $3.62 cents a gallon, while for the second survey in a row, drivers in Tulsa, Oklahoma, paid the lowest average price of $2.84, according to the survey of major cities in the 48 continental states.

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