U.S. gasoline prices fall to $3.42/gallon-survey

Oct 09, 2011

The average price for a gallon of gasoline in the United States fell 12.54 cents in the past two weeks, continuing its recent slide, the nationwide Lundberg survey showed on Sunday.

Oct 9 (Reuters) - The average price for a gallon of gasoline in the United States fell 12.54 cents in the past two weeks, continuing its recent slide, the nationwide Lundberg survey showed on Sunday.

The national average price on Oct. 7 for regular gas was $3.4192, down from $3.5446 on Sept. 23, according to the survey of about 2,500 retail gasoline stations. The average price was 3.6669 on Sept. 9 -- amounting to a nearly 7 percent drop in the past month.

While the general downdrift in crude oil prices is the main factor behind lower gasoline prices, survey editor Trilby Lundberg said it has been compounded by a poor jobs picture in the United States that involves not just Americans who lack jobs, but those without full-time employment.

"It's a price dampener regardless of what crude oil does," Lundberg said. "The work commute is the foundation of gasoline demand."

The highest regional average price for gas in the survey was in San Francisco, at $3.81 per gallon. Drivers in Albuquerque, New Mexico, paid the least at $3.07. (Reporting by Lewis Krauskopf, editing by Maureen Bavdek)

 

 

 

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