Crude oil prices stayed low and gas supplies sufficient in the past two weeks, resulting in a two-cent drop in gas prices nationwide, reported the Los Angeles Times.

The Lundberg Survey of 8,000 gas stations found that the average weighted price for gas nationwide was about $1.41 a gallon, down two cents per gallon from Nov. 22, the date of the last survey. The national average dropped approximately 7.5 cents per gallon since Nov. 8 when the average was about $1.49 per gallon. The present price is also the lowest since March 22, when it was $1.37 a gallon. Prices are up from about a year ago during the post-September 11 price slump. The weighted average was $1.23 a gallon on Nov. 16, 2001.

Possible war with Iraq, the economy, gasoline supply and demand, and the political crisis in Venezuela are all uncertain factors that could affect the future prices of oil and refined products, said analyst Trilby Lundberg.

Originally posted on Fleet Financials

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