US gasoline prices extend recent decline: Survey

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The average price for a gallon of gasoline in the United States slipped again in the last two weeks, losing 3.99 cents per gallon due to abundant supplies, according to the Lundberg survey released on Sunday.

Gasoline cost $3.5596 per gallon on average on Aug. 23, down from $3.5895 on Aug. 9, based on a survey of about 2,500 retail stations in the 48 contiguous states. The average price per gallon was 20 cents lower than a year earlier.

Trilby Lundberg, editor of the Lundberg survey, said the drop in gasoline prices was due to increased supply of the motor fuel as U.S. refiners kept production capacity high.

"There's ample supply of gasoline," she said.

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The most expensive gasoline in the states surveyed was found in Long Island, New York, and San Diego, at $3.89 per gallon, while the cheapest was found in Charleston, South Carolina, where it cost $3.22 per gallon.

On Friday, crude oil futures traded in New York rose 1.4 percent to settle at $106.42 per barrel.

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