Oil and Gas

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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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.