US Gasoline Prices Fall to Average $3 a Gallon

The average price for a gallon of gasoline in the United States fell substantially over the
past three weeks and could continue to decline if oil prices do not rise, according to the latest nationwide Lundberg survey.


The national average price for self-serve, regular unleaded gas was $3.0043 a gallon on Dec. 7, a decline of 8.76 cents per gallon since Nov. 16, and the largest decline since August,
according to the survey of about 7,000 gas stations.

"Gasoline price increases have been arrested by falling crude oil prices," survey editor Trilby Lundberg said in an interview.

"On Dec. 7, the day we surveyed at the pumps, benchmark West Texas Intermediate closed at $88.28 a barrel. It had reached as high as $98.18 on Nov. 23," Lundberg said, adding
that higher gasoline prices during the past few months had stopped the growth in gasoline demand.

"And there is no shortage of either crude oil or gasoline," Lundberg said. "OPEC's 'no change' stance at its latest meeting had very little effect."

At $3.42 a gallon, San Francisco had the highest average price for self-serve, regular gas, while the lowest price at the pump was $2.74 a gallon in Tulsa, Oklahoma, the survey