Slip in gas prices may be coming to an end

Monday, July 16, 2012 - 11:00am

U.S. gas prices slid downward another 6-plus cents in the past three weeks, but the long decline that began in April may be nearing an end, according to a new nationwide survey.

The price of a gallon of regular gasoline fell 6.8 cents per gallon since June 22, to an average of $3.41 across the continental United States, according to the new Lundberg Survey. The price of motor fuel has plunged 56 cents a gallon since April 5, but the latest dip is "a far cry" from the kind of skid seen in June," survey publisher Trilby Lundberg said.

"This could be it for the declining prices," Lundberg said. The price of crude oil -- the biggest component of fuel costs -- has stayed relatively stable since late June, and the United States is in a season of high demand for gasoline, she said.

Average gas prices are now more than 20 cents per gallon below where they were this time a year ago, she said. While observers can't predict what crude will do next, Lundberg told CNN, "A more or less steady pump price from here is a likely scenario."

The Lundberg Survey canvassed about 2,500 filling stations in the lower 48 states on Friday. The cheapest prices were found in Jackson, Mississippi, at an average of $3 even; the highest were in Chicago, at $3.78.
 

Comments News Comments

Post new Comment