August 12, 1996 in Nation/World

Gas Prices Drop Nearly 2 Cents

Compiled From Wire Services

Gasoline prices nationwide dropped nearly 2 cents a gallon during the past two weeks, continuing an 8-cent slide since May’s peak, an industry analyst said Sunday.

The average per-gallon retail price, including all grades and taxes, was 130.39 cents, a 1.63-cent drop since the July 26 Lundberg Survey of 10,000 stations nationwide.

Trilby Lundberg, publisher of the survey, said the declines have occurred despite Congress’ failure to pass a temporary 4.6-cent reduction in the gasoline tax proposed in April by then-Sen. Bob Dole.

Release of Iraqi oil “could ratchet down prices some more,” she said, noting that gas prices, as well as crude oil prices, are still about 8 cents a gallon higher than they were last August.

In the latest survey, taken Friday, the average price of gasoline at self-serve pumps, including taxes, was 123.65 cents for regular unleaded, 133.75 cents for mid-grade unleaded and 142.02 cents for premium unleaded.

At full-service pumps, the average was 158.50 cents for regular unleaded, $167.29 cents for mid-grade unleaded and $174.11 cents for premium unleaded.

Prices peaked at just over $1.38 per gallon in the May 24 Lundberg survey.

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