DrMaddVibe
04-25-2005, 07:12 AM
Prices drop at least a penny for first time this year
Sunday, April 24, 2005
(CNN) -- Gasoline prices fell an average of 4.5 cents per gallon during the past two weeks, marking the first time this year that the price dropped at least a penny, a survey published Sunday found.
The Lundberg Survey of thousands of gasoline stations nationwide found the average price of a gallon of self-serve regular was $2.24 -- down nearly a nickel from the previous survey, two weeks ago.
Prices had been rising steadily, aside from a half-cent slip in February, said Trilby Lundberg, the survey's publisher.
Crude oil prices have been volatile over the survey period, she said. Oil prices were dropping, which could have led to lower gasoline prices when the survey was conducted Friday, but have moved back up, she said.
On Friday, U.S. light crude rose 50 cents to $54.30 a barrel, capping a four-day rally that added over $4 to prices, Reuters reported.
Oil prices are 25 percent above levels at the end of last year, the financial wire service said.
Gasoline prices are likely to remain stable or possibly drop a bit further in the coming weeks, unless there is an unforeseen supply shortfall, Lundberg said.
Lundberg said the record-high prices have left demand below where it would be otherwise, but at the same time, daylight-saving time leads to more driving, and people generally drive more throughout the spring.
Some states are nonetheless reporting a spike in public transportation use, because of the high gas prices. (Full story)
The lowest price for gas that the Lundberg survey found was in Tulsa, Oklahoma, at $2.04 for a gallon of self-serve regular. The highest was in San Francisco, California, where it cost on average $2.64
FACT BOX
Average prices for a gallon of self-serve regular in some other cities:
Atlanta, Georgia, $2.09
Dallas, Texas, $2.16
Denver, Colorado, $2.17
Boston, Massachusetts, $2.18
Indianapolis, Indiana, $2.22
Washington, D.C., $2.28
Chicago, Illinois, $2.32
Seattle, Washington, $2.47
Sunday, April 24, 2005
(CNN) -- Gasoline prices fell an average of 4.5 cents per gallon during the past two weeks, marking the first time this year that the price dropped at least a penny, a survey published Sunday found.
The Lundberg Survey of thousands of gasoline stations nationwide found the average price of a gallon of self-serve regular was $2.24 -- down nearly a nickel from the previous survey, two weeks ago.
Prices had been rising steadily, aside from a half-cent slip in February, said Trilby Lundberg, the survey's publisher.
Crude oil prices have been volatile over the survey period, she said. Oil prices were dropping, which could have led to lower gasoline prices when the survey was conducted Friday, but have moved back up, she said.
On Friday, U.S. light crude rose 50 cents to $54.30 a barrel, capping a four-day rally that added over $4 to prices, Reuters reported.
Oil prices are 25 percent above levels at the end of last year, the financial wire service said.
Gasoline prices are likely to remain stable or possibly drop a bit further in the coming weeks, unless there is an unforeseen supply shortfall, Lundberg said.
Lundberg said the record-high prices have left demand below where it would be otherwise, but at the same time, daylight-saving time leads to more driving, and people generally drive more throughout the spring.
Some states are nonetheless reporting a spike in public transportation use, because of the high gas prices. (Full story)
The lowest price for gas that the Lundberg survey found was in Tulsa, Oklahoma, at $2.04 for a gallon of self-serve regular. The highest was in San Francisco, California, where it cost on average $2.64
FACT BOX
Average prices for a gallon of self-serve regular in some other cities:
Atlanta, Georgia, $2.09
Dallas, Texas, $2.16
Denver, Colorado, $2.17
Boston, Massachusetts, $2.18
Indianapolis, Indiana, $2.22
Washington, D.C., $2.28
Chicago, Illinois, $2.32
Seattle, Washington, $2.47