U.S. Gasoline Falls to $3.2171/Gal in Lundberg Survey

The average price for regular gasoline at U.S. pumps fell 14.57 cents in the past three weeks to $3.2171 a gallon, according to Lundberg Survey Inc.

The survey was conducted on Nov. 8 and is based on information obtained at about 2,500 filling stations by the Camarillo, California-based company.

The average, which reached a year-to-date peak in the survey of $3.795 on Feb. 22, is about 32.9 cents below the year-earlier price of $3.5454 a gallon.

“This may well be the end of the price cutting for now,” Trilby Lundberg, president of Lundberg Survey, said in a telephone interview yesterday. “It is mostly due to lower crude oil prices that is the biggest reason for the declines at the pump.”

The highest price for gasoline in the lower 48 U.S. states among the markets surveyed was San Francisco, at $3.67 a gallon, Lundberg said.

The lowest price was in Tulsa, where customers paid an average of $2.82 a gallon. Regular gasoline averaged $3.48 on Long Island and $3.61 in Los Angeles.

Gasoline futures on the New York Mercantile Exchange fell 12 cents, or 4.5 percent, to $2.5534 a gallon in the three weeks ended Nov. 8.

In the three weeks to Nov. 8, West Texas Intermediate crude fell $6.21, or 6.2 percent, to $94.60 a barrel on the Nymex.

Since Sept. 6, gasoline prices have fallen by 36.76 cents, Lundberg said.

Lundberg said there is less anxiety about the political situation in Syria and Iran, and that means confidence is high for stable supply.

(Corrects two weeks to three in first paragraph.)
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