Lundberg Survey Inc. shows that during the past three weeks gas price in the US fell 6.77 cents to $3.4103 a gallon.
The survey was done during the past three weeks ended July 13th with information from more than 2, 500 stations and it shows that gasoline is 55.67 cents below the year-to-date high of $3.9671 reached April 6th.
“This maybe is it for the decline, ” Trilby Lundberg, president of Lundberg Survey said.“Higher crude oil prices is one reason. And the other reason is demand: Not only are we in the normal seasonal surge for gasoline, but we are also increasing our demand year over year. One reason for that is the price incentive.”
During the same period, gasoline futures on the Nymex increased 24.62 cents, or 9.6% to $2.8161. Gasoline was down 18% since reaching a year-to-date high of $3.4166 on March 26th. Fourteen of 34 analysts predicted that crude will decrease through July 20th and 12 respondents forecast futures will increase.
From all the surveyed cities, the highest gasoline price was in Chicago with $3.78 a gallon, and the lowest was in Jackson, Mississippi with $3 a gallon.