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U.S. Gasoline Price Drops 3.88 Cents a Gallon to $2.7259, Lundberg Reports
The average price of regular gasoline at U.S. filling stations fell to $2.7259 a gallon as crude oil prices declined and supplies of the motor fuel increased.
Gasoline dropped 3.88 cents in the two weeks ended July 9, according to a survey of 2,500 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst in Camarillo, California. In the same two week period, crude oil fell 3.5 percent and gasoline fell 4.5 percent.
“On the supply side we’re flush,” Lundberg said. “Demand is anemic. If crude prices stay between $70 and $80 and if there’s no surge in employment, I expect price changes will not be dramatic in the next few weeks.”
Oil prices haven’t settled below $70 since May 25 or above $80 since May 4.
Supplies of gasoline rose to a six-week high in the week ended July 2, according to the Energy Department. Inventories increased 1.32 million barrels to 219.4 million, the biggest gain in 11 weeks.
Gasoline demand, measured by what refiners and blenders supply to wholesalers, fell 0.1 percent to an average 9.45 million barrels a day. Measured on a four-week average, demand was up 2 percent from a year earlier.
U.S. gasoline demand at the pump in the week ended July 2 jumped to a five-week high as drivers filled their tanks for the Independence Day holiday weekend, MasterCard Inc. said in its July 7 SpendingPulse report. Measured on a four-week average, fuel consumption slipped 1.7 percent below a year earlier.
Cheapest in Jackson
Regular gasoline at the pump, averaged nationwide, rose to $2.713 a gallon from $2.712 yesterday, AAA said on its website.
On Long Island, regular gasoline averaged $2.89 a gallon, Lundberg said. Los Angeles-area retail stations averaged $3.08 a gallon.
The highest price was San Francisco at $3.16 a gallon. The cheapest place to buy gasoline was Jackson, Mississippi, where a gallon averaged $2.43, she said.
To contact the reporters on this story: Barbara Powell in Dallas at bpowell4@bloomberg.net; Margot Habiby in Dallas at mhabiby@bloomberg.net.
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