Average Nationwide Gasoline Prices Dip To $2.15 A Gallon
NEW YORK – U.S. average retail gasoline prices fell in the past two weeks and will probably dip lower as crude oil prices stay under pressure on increasing supply and refining capacity increases, according to an industry analyst in a Reuters report.
The national average for self-serve regular unleaded gas was nearly $2.15 a gallon on May 20, down about 6.4 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.
In the past month, gasoline prices have decreased 14 cents, virtually identical to the drop in crude oil prices. Prices have still risen 7 cents in the past 12 months from $2.10.
“OPEC has been pumping its heart out and that allowed crude oil prices to fall nearly $9 a barrel.” survey editor Trilby Lundberg said. “The most likely direction for retail gas prices is down some more because crude oil prices seem unlikely to rise and might even fall further.”
Lundberg said prices at the pump were also likely to decline because “the refining industry is maximizing its output of gas at a time when consumers will need the most.”
Gasoline demand tends to peak during the June-to-August summer driving season.
At $2.51 a gallon, San Francisco had the highest average price for self-serve regular unleaded gas, while the lowest price was $1.94 a gallon in Jackson, Miss.