Average U.S. Gasoline Price Falls to $2.84 in Lundberg Survey
The average price of regular gasoline at U.S. pumps slid to the lowest level since Nov. 5, 2010, dropping 10 cents in the two weeks ended Nov. 21 to $2.84 a gallon, according to Lundberg Survey Inc.
Prices are 41 cents lower than a year ago, according to the survey, which is based on information obtained from about 2,500 filling stations by the Camarillo, California-based company.
Retail gasoline prices have fallen as oil has slumped into a bear market with U.S. drillers producing the most crude in more than three decades.
“Again, it is lower oil prices that are the main impetus,” Trilby Lundberg, the president of Lundberg Survey, said. “The oil supply continues to be fabulous.”
The highest price for gasoline in the lower 48 states among the markets surveyed was in San Francisco, at $3.14 a gallon, Lundberg said. The lowest price was in Albuquerque, New Mexico, where customers paid an average $2.47 a gallon. Regular gasoline averaged $3.12 a gallon on Long Island, New York, and $3.07 in Los Angeles.
West Texas Intermediate crude, the U.S. benchmark priced in Cushing, Oklahoma, declined $2.14, or 2.7%, to $76.51 a barrel on the New York Mercantile Exchange in the two weeks to Nov. 21. It settled at $74.21 on Nov. 13, the lowest level since 2010.
Prices have fallen 29 percent since peaking this year June 20. U.S. oil output fell to 9 million barrels a day the week ended Nov. 14 after reaching 9.06 million the previous week, the highest level in weekly Energy Information Administration data dating to 1983.
