Gasoline Drops 22¢ Over Two Weeks to $1.75 a Gallon, Lundberg Says

The national average price of regular gasoline plunged another 22 cents in the two weeks ended Friday, to $1.75 a gallon, the lowest price in almost five years, according to the latest Lundberg Survey of filling stations released Sunday.

Mid-grade averaged $1.90 and premium averaged $2.02, analyst Trilby Lundberg in her filling-station survey, which is released twice a month.

Lundberg reported that the last time gas was cheaper was on March 2004 when the national average for regular was $1.74 a gallon. The all-time high was on July 11 of this year, when the price peaked at $4.11 a gallon.

The price drop coincided with plunging oil prices, which fell to near $40 Friday, dropping 25% last week alone and more than $100 since the $145.29 closing-price record set July 3, Bloomberg reported.

The highest price for self-serve regular gasoline was $2.54 in Anchorage, Alaska, while the lowest was in Cheyenne, Wyo., at $1.46.