US gasoline prices edge down in recent weeks: Lundberg survey

Monday, 23 Dec 2013 | 7:03 AM ET
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The average price for a gallon of gasoline in the United States fell modestly over the past two weeks, ending a four-week advance, according to the Lundberg survey released on Sunday.

A gallon of regular-grade gasoline costs $3.26 on average across the United States, a decline of about 1.7 cents from two weeks ago, according to the survey taken on Dec. 20. The average is essentially unchanged from the $3.2579 average from the year-ago period.

"I think the decline will prove to be just a blip as there is a good chance that wholesale gas prices will creep up more than they already have, which would translate to pressure of a few cents quite soon,'' said Trilby Lundberg, publisher of the survey.

(Read more: Gas prices: Higher gasoline costs may be coming)

Gas prices drop
CNBC's Sharon Epperson reports the national gas price average in the U.S. for 2013 is expected to finish $0.10 lower than the 2012 price. Year-end supply increases are the cause, she says.

U.S. crude futures rose 1.7 percent over the past two weeks, while Brent crude was up about 0.1 percent.

Long Island had the highest average price of $3.62 cents a gallon, while for the second survey in a row, driver in Tulsa, Oklahoma, paid the lowest average price of $2.84, according to the survey of major cities in the 48 continental states.

(Read more: Gas prices below $3?! Boldest predictions for 2014)

By Reuters


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