The average
price of self-serve, unleaded gas in the United States
as of Friday was $2.78 a gallon.
The average price of self-serve, unleaded gas in the
United States as of Friday was $2.78 a gallon, compared
to $3.31 on October 10, said Trilby Lundberg, publisher
of the nationwide Lundberg Survey.
The 35-cent price reduction measured on the 10th, which
brought the average price to $3.31, was the largest drop
in the six-decade history of the survey, she said.
The all-time high average was $4.11, set on July 11,
according to Lundberg, and prices have been dropping ever
since.
She attributed the price reductions to crude prices and
demand.
"It is those same two factors that will decide what
gasoline prices do from here. I think they will probably
keep falling, but more slowly," Lundberg said.
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The price of crude oil is the more dominant determinant,
she said. Oil Cartel OPEC, the Organization of Petroleum
Exporting Countries, said Friday it would cut production
by 1.5 million barrels per day starting in November.
Oil prices have fallen by more than half from $147 a
barrel in July because of lower demand due to tough economic
times, especially in the United States. On Friday, the
price of crude closed at $64.15 a barrel, Lundberg said.
"The price of oil doesn't seem likely to jump up
substantially any time soon and, considering the U.S.
economy, it seems likely that oil prices will stay in
their current neighborhood," she said.
The Lundberg Survey is based on responses from more than
5,000 service stations nationwide.
On Friday, Wichita, Kansas, posted the lowest gas price
of $2.26 a gallon. The highest prices were in Anchorage,
Alaska, $3.50, and Honolulu, $3.48.
Other prices include:
San Francisco, California $3.37
Chicago, Illinois $3.12
Portland, Oregon $2.91
Miami, Florida $2.87
Manchester, New Hampshire $2.79
Philadelphia, Pennsylvania $2.79
Denver, Colorado $2.72
Milwaukee, Wisconsin $2.65
Atlanta, Georgia $2.57
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