Retail gasoline prices tumbled to the lowest level in more than six months, according to Lundberg Survey Inc.
The average price of regular gasoline at U.S. pumps fell 26.54 cents to $2.4419 a gallon in the three weeks ended Sept. 11, according to Lundberg Survey Inc., a Camarillo, California-based company that bases its prices on information obtained at about 2,500 filling stations.
Pump prices declined to the lowest level since the survey period ended Feb. 20 as refiners and retailers sacrificed margins on gasoline to boost sales, according to Trilby Lundberg, president of Lundberg Survey. Strong gasoline demand offset by ample supply also led to the drop, she said.
“They gave up some gasoline margin to chase sales and compete for motorists’ purchases,” Lundberg said in a telephone interview Sunday.
The highest price for gasoline in the lower 48 states among the markets surveyed was in Los Angeles at $3.31 a gallon, Lundberg said. The lowest was in Charleston, South Carolina, where customers paid an average $1.94. Regular gasoline averaged $2.51 on Long Island, New York.
West Texas Intermediate crude futures rose 10.3 percent to $44.63 a barrel in the three weeks ended Sept. 11, according to data compiled by Bloomberg. Gasoline futures on the Nymex slipped 11.3 percent to $1.3699 a gallon in the same time period.
Nationwide stockpiles of motor fuel rose 384,000 barrels to 214.5 million in the week ended Sept. 4, according to government data.