US: gasoline prices drop for summer traveling gains image

For the first time in 10 weeks, gasoline prices have started to go down, even as the summer’s advent means more travelers are now on the country’s road network.

According to data coming from Lundberg Survey Inc, the regular gasoline has averaged 3.99 cents less in the last three weeks (until July 11), with a $3.6699 a gallon figure. According to Trilby Lundberg, president of Lundberg Survey, the prices are set to drop even further, by four to six cents – even as the July 11 figure was 7.91 cents below the 2013 average.

“The wholesale price cuts are continuing now as refiners pass along the lower prices they’re paying for crude oil,” Lundberg said. “If we can assume that crude oil prices don’t shoot right back up, we may see further declines at the pump. The price decline came because of crude oil prices, which are reacting to the news that Libya eked out a production rise and Iraq output hasn’t been decimated by the fighting there,” he added.

The executive said that in the lower 48 states, across the 2,500 filling stations surveyed by the Camarillo, California-based company, the lowest price was accounted in Tulsa, Oklahoma – on average $3.35 a gallon. The highest figure was set by San Francisco, with $4.12 a gallon.

Via Bloomberg