The average price of gasoline in the United States resumed its slide over the past two weeks, dropping 11 cents to $2.14 a gallon, the lowest since late January, according to a Lundberg survey released on Sunday.
The 5 percent decline in gasoline prices came as oil refiners and gasoline wholesalers and retailers passed along lower oil-buying prices to consumers, said survey publisher Trilby Lundberg in emailed comments.
Current retail gas prices were 70 cents below the year-ago period and at the lowest level since Jan. 23, when the average price was $2.07 per gallon. Benchmark crude oil prices were under pressure from hefty supplies and a strong U.S. dollar, the report said.
"The pump price may well continue dropping during the rest of November and into December," the report said, citing pressure from "abundant" supplies and higher run-rates at U.S. refineries at the end of the seasonal maintenance period.
Lower costs have been passed along the supply chain, and refiners were also "sacrificing some of their gasoline margin," Lundberg added.
In the panel of cities in the lower 48 states, the low average was Indianapolis at $1.79 and the high average was Los Angeles at $2.76 a gallon.
Prices had been up in the previous two-week period, snapping a 19-week slide.