US: survey sees average price of gasoline down to $2.8416 a gallon image

According to the latest research report coming from Lundberg Survey Inc., the average price of regular gasoline in the United States has dipped to $2.8416 a gallon during the two weeks ending on November 21.

The new average is 10.05 cents lower than during the period before the survey, taking it to the lowest point since November 5, 2010 – now prices are around 41.01 cents better than what they were during the same period of 2013 – says the survey, based on price information collected at around 2,500 filling stations by the Camarillo, California-based company. The retail gasoline price drop comes amid continued low prices for crude oil and just as US drillers are producing more fuel than they did during the past three decades.

“Again, it is lower oil prices that are the main impetus,” comments Trilby Lundberg, the president of Lundberg Survey. “The oil supply continues to be fabulous.” The highest price seen in the survey was accounted for in San Francisco, at $3.14 a gallon, says Lundberg and the best price was found in Albuquerque, New Mexico, where dirvers only paid an average $2.47 a gallon. Prices peaked this year on June 20 but have since continuously fallen – reaching a 29% drop since, just as US oil producers have increased output by 62% during the past five years.

Via Bloomberg