Lundberg Survey Shows Drop in Current Gasoline Prices

A recently published nationwide survey showed that the average gasoline prices in the United States have declined by over a nickel during the last two weeks which marked their first drop since the month of December.

According to the Lundberg Survey, the average price per gallon of regular gasoline is now at $3.91. That is a decline of more than five cents compared to its price two weeks ago when the average gasoline cost was near $4.

Trilby Lundberg, the survey’s publisher, said that crude oil must be thanked as it allowed gasoline to finally drop. She added that the supply of gasoline is sufficient but crude oil prices had been raising the cost of gasoline. Since crude oil prices have become stable, gasoline prices have declined.

Lundberg also said that if crude oil prices does not rise, another drop of five to ten cents may happen in the coming weeks. It is even possible that the drop will continue until the peak driving season starting the month of May for as long as crude oil remains stable. This is because gasoline inventories are plenty, added Lundberg.

Based on Lundberg’s data, the national average gasoline price last year was around $3.88. That price is just lower by three cents compared to the present average.

The Lundberg Survey records gasoline prices bi-weekly in gasoline stations nationwide.

In the last couple of weeks, Chicago’s average gasoline price has dropped almost 19 cents to reach $4.26. However, that is still the highest rate in any city according to the most recent survey.

Tulsa, Oklahoma has the lowest average gasoline price at $3.52.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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