The average price for a gallon of gasoline in the United States slipped more than 7 cents per gallon in the last two weeks, because of over-supply, according to a widely followed survey.
Gasoline cost $3.5985 per gallon on average on Aug. 9, down from $3.6746 on July 26, based on a survey of about 2,500 retail stations.
Trilby Lundberg, editor of the Lundberg survey said the drop in gasoline prices was due to increased supply of the motor fuel as U.S. refiners kept production capacity high.
"The supply of gasoline is much more than adequate for demand," Lundberg said. "Refiners have done so well in producing so much gasoline that they have actually hurt their own gasoline profit margins."
Gasoline prices could fall further by a few pennies in the coming weeks, Lundberg said.
In a sampling of cities in the lower 48 U.S. states, the cheapest gasoline was found in Charleston, South Carolina, at $3.27 per gallon. Drivers in Chicago and San Diego paid the most at $3.92 per gallon.
On Friday, crude oil futures jumped 2.6 percent to $105.97 per barrel.
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