Average US gasoline price falls 1 cent over three weeks: Survey

A woman fills her vehicle with gas at a U-Gas station in Miami.
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The average price of a gallon of regular-grade gasoline in the United States fell 1 cent over the past three weeks to $2.05, according to a Lundberg survey released on Sunday.

The price was 15 cents lower than this time last year and nearly the lowest in seven years as the tumbling price of oil continues to drag prices downward, said survey publisher Trilby Lundberg.

Another factor contributing to low prices at the pump is ample gasoline inventories as U.S. refiners continue to churn out products, Lundberg said.

The high production levels, which were most noticeable following Jan. 6, have contributed to falling wholesale gasoline prices, Lundberg said.

"These price cuts from U.S. refiners going into wholesale gasoline markets are on their way to retail pumps," she said. "We can expect a few pennies decline over the next several days at the pump."

In the Lundberg panel of large cities in 48 states, the low average retail price was in St. Louis, Missouri, at $1.64 per gallon, and the high was Los Angeles, at $3.01 a gallon.