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US gas price trough continues, down 10.5 cents a gallon

A customer prepares to pump gasoline at an Arco gas station in Mill Valley, Calif.
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A customer prepares to pump gasoline at an Arco gas station in Mill Valley, Calif.

The average price of gasoline in the United States fell another 10.5 cents, with consumers poised to save nearly a dollar a gallon at the pump compared with a year ago, according to a Lundberg survey released on Sunday.

Bigger U.S. oil inventories and a strengthening U.S. dollar means "the price crash has resumed," survey publisher Trilby Lundberg said. "Many retailers have passed the savings on to the street, to the consumers."

Regular-grade gasoline fell to an average $2.24 per gallon in the Oct. 23 survey, down from $2.34 on Oct. 9, when the previous survey was taken. The price has fallen 62 cents a gallon in the past five months.

The lowest average price per gallon in the Lower 48 states was in Charleston, South Carolina, at $1.85 per gallon. Los Angeles came in highest, at $2.87.