Business

Drop of gasoline prices
by Martina Janeckova

According to the latest nationwide Lundberg survey, the average retail price for a gallon of gasoline in the United States fell more steeply than ever over the last two weeks because of economic slowdown and lower gasoline demand. Survey editor Trilby Lundberg said that “prices will likely slide more, but at a slower pace, following the extraordinary decline this month.” The national average price for a gallon of self-serve, regular unleaded gas was $2.7785 on October 24, a decline of about 53 cents per gallon in the past two weeks, according to the survey of some 7,000 gas stations. The U.S. Midwest had the lowest prices, while the West Coast had the highest average prices, the survey found. At $2.26 a gallon, Wichita, Kansas, had the lowest average price for self-serve, regular unleaded gas, while the highest price outside of Alaska and Hawaii was $3.37 a gallon in San Francisco. Gasoline is now about a penny cheaper than it was a year ago and about $1.33 less than it was at a record peak in July. The drop was dictated by the crash in crude oil prices and strongly influenced by falling U. S. gasoline demand. Oil prices fell despite an agreement by the Organization of the Petroleum Exporting Countries to cut output. On Friday, U. S. light crude for December delivery dropped to $62.62, its lowest since May 2007. Lundberg said that “the even weaker economy suggests the fall in oil prices is still probably not enough to inspire comeback in demand any time soon.” He added that “it looks as though gasoline prices will continue down but at a moderated pace, unless crude oil prices leap up substantially and stay there.”

by Martina Janeckova for PocketNews (http://pocketnews.tv)

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