The average price of a gallon of gasoline in the United States fell a little more than 11 cents over the past two weeks, as seasonally high demand slowed the price decline at the pump, an industry analyst said Sunday.
The national average for self-serve, regular unleaded gas was $2.9961 a gallon on June 22, down about 11.29 cents compared with the $3.1090 national average two weeks ago, according to the nationwide Lundberg survey of about 7,000 gas stations.
"Supply is more ample and this has allowed prices to slip another 11 cents in past two weeks," survey editor Trilby Lundberg said. "However, the pace of decline is more likely to slow because in the immediate period, crude oil prices are stronger and there are 11 more weeks of peak summer driving for supply to satisfy. It cannot do a free fall."
The national average on Friday was more than 18 cents below an all-time high of $3.1827 five weeks ago. A year ago the average price was $2.8879, or 11 cents lower, Lundberg said.
At $3.39 a gallon, Chicago had the highest average price for self-serve, regular unleaded gas in the nation, according to the most recent survey, while the lowest price was $2.75 a gallon in Jackson, Mississippi.