U.S. Gasoline Prices Begin To Decline
The retail price of U.S. gasoline has dipped over the past two weeks, reflecting declines in the cost of crude and flagging seasonal demand, the Lundberg Survey reported on February 25th.
According to the survey, which monitors 8,000 stations nationwide, the average price of U.S. gasoline at the pump on February 23rd was about $1.50 per gallon, down 2.26 cents from February 9th.
The drop appeared most dramatic in the Midwest, where the price plunged by more than 8 cents a gallon. However, in the West Coast, prices rose by more than 3 cents a gallon in response to a “tight supply of gasoline due to temporary refinery interruptions.”
The nationwide drop in the price of U.S. retail gasoline follows a two-week period in which the average prices had remained steady after rising slightly in January.
According to the report, prices now remain “pretty close” to what they were 12 months ago. “For the nation at large, the gasoline supply is adequate and the national average price is 4 cents above the year-ago level,” the Lundberg Survey said.
As demand grows with warmer weather, gasoline prices may rise, but any increase could be offset by a continued decline in the cost of crude, the report added.
The national weighted average price of gasoline, including taxes, at self-serve pumps on February 23rd was about $1.46 for regular unleaded, $1.56 for mid-grade and $1.65 for premium.
At full-serve pumps, the average was $1.85 for regular unleaded, $1.94 for mid-grade and $2.02 for premium. Ninety-eight percent of all U.S. gasoline sold is regular unleaded.
© 2001 Mena Report (www.menareport.com)