Gasoline Falls to $2.7073 a Gallon in Lundberg Survey
The average price for regular gasoline at U.S. pumps fell 0.35 cent in the past two weeks to $2.7073 a gallon, according to Lundberg Survey Inc.
The survey covers the period ended Aug. 21 and is based on information obtained from about 2,500 filling stations by the Camarillo, California-based company.
Brent crude fell below $45 a barrel for the first time in more than six years Aug. 23 amid signs a global glut will persist as Iran pledged to boost production and U.S. drilling activity sustained an increase.
Brent for October settlement dropped as much as 1.7% to $44.69 a barrel on the London-based ICE Futures Europe exchange.
Prices retreated for a fourth day, extending declines from the lowest close since March 2009. Iran’s oil minister said the country will expand output “at any cost” while in the United States the number of active rigs rose for the seventh time in eight weeks.
