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The average price for a gallon of gasoline in the United States dropped 3.46 cents over the past two weeks, retreating from its highest level since mid-October, according to the Lundberg survey released on Sunday.
A gallon of regular-grade gasoline cost $3.3113 on average across the United States, down from $3.3459 two weeks earlier, according to the survey taken on Jan. 24. The average is 3.3 cents lower than $3.3443 average from the same period a year-ago period.
The $3.3459 price published in Lundberg survey on Jan. 12 marked the highest level since mid-October.
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The decline was because of a decrease in wholesale prices by suppliers and refiners, said Trilby Lundberg, publisher of the survey. "We can point to the entire downstream half of the oil business to cutting the price on the street in the past two weeks," Lundberg said.
She expects gasoline prices to decrease by up to 2 cents during the near term, but not more.
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San Diego, California had the highest average price of $3.60, while Billings, Montana had the lowest average price of $2.84, according to the survey of major cities in the 48 continental states.