U.S. gasoline prices dipped nearly five cents a gallon to $3.37 on Monday morning — despite rise in price of crude oil. Diesel is up more than seven cents to $4.00 a gallon.
However, the current average is nearly 50 cents higher than one year ago on November 21.
The US national average for self-serve, regular gas is down 8.89 cents over the past month, according to the Lundberg survey.
Of the cities surveyed, Albuquerque, N.M., had the nation’s lowest average price for gas at $2.96, and San Francisco had the highest at $3.78.
“There is a disconnect right now between crude oil prices and the price of gasoline,” said Greg Laskoski, a Tampa-based senior petroleum analyst with GasBuddy.com.
Gasoline for December delivery on the New York Mercantile Exchange fell 18.5 cents, or 6.9 percent, to $2.4784 a gallon in the two weeks ended Nov. 18.
In addition, crude prices may fall later this week on expectation that the European debt crisis will spread, threatening the global economic recovery and fuel demand.