The average U.S. retail price of gasoline fell 2.67 cents in the past two weeks, its first decline since early September due to increased crude oil production, a leading industry analyst said Sunday.
The national average price for a gallon of self-serve regular unleaded gasoline was $2.0141 on Nov. 5, down from $2.0408 cents per gallon on Oct. 22, according to the twice-a-month Lundberg survey of 7,000 U.S. gas stations.
“Some of the production lost to Hurricane Ivan in the U.S. Gulf is back,” survey editor Trilby Lundberg said. “As those repairs continue, and oil supply is further enhanced, the likelihood for gasoline is further price cuts.”
The city with the highest average self-serve pump price was San Diego at $2.40 per gallon, while the lowest average price was $1.74 per gallon, in Tulsa, Oklahoma.
The average gasoline price rose 18 cents per gallon between the last decline on Sept. 10 and the Oct. 22 survey, Lundberg said.