Drop In Crude Oil Prices Reduces Price Of Gasoline

Gasoline prices have fallen more than a penny a gallon in the past two weeks because of dropping crude costs, an oil analyst said Sunday.

Trilby Lundberg’s survey of 10,000 stations nationwide on Friday found the average retail price of gasoline, including all grades and taxes, was $1.2642 cents per gallon, down 1.3 cents from the June 23 survey.

That follows a 2-cent-a-gallon drop between June 9 and June 23.

“The most important reason is crude oil is down … an equivalent of just over 4 cents a gallon,” Lundberg said.

Further drops were unlikely because of high demand, she said.

According to Lundberg’s survey, average prices at selfserve pumps were $1.1998 per gallon for regular unleaded, $1.2971 for midgrade unleaded, $1.3803 for premium unleaded and $1.1749 for leaded.