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US gasoline prices continue to fall: Lundberg survey

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The average price of a gallon of gasoline in the United States fell by six cents in the past two weeks as crude prices have continued a broad decline, according to the Lundberg survey released on Sunday.

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Prices fell to an average of $3.52 per gallon for regular grade gasoline, according to the survey conducted Aug. 8. That extends a decline in prices to seven weeks, survey publisher Trilby Lundberg said.

"It is lower crude oil prices that bring this lower pump price," Lundberg said. "Crude oil is the overwhelmingly most important factor both in the price of gasoline and in directional price move."

The average price for gasoline is now about 8 cents lower than a year ago.

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The San Francisco Bay area had the highest price within the survey area at $3.95 per gallon for regular while the lowest price was in Jackson, Mississippi, where regular grade cost $3.19 per gallon.

By Reuters

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