Gas prices will likely level out in the
next few weeks after a nearly two-month decline, an industry
The average price for a gallon of gas fell 7 1/2 cents to $1.53 a
gallon in the latest Lundberg Survey since the survey released
three weeks ago. That's 18 cents lower than June's record high
average pump price of $1.71.
"We are still in the summer driving season, and strong demand
can be evident in the past few days,'' analyst Trilby Lundberg said
Sunday. "Crude oil prices are up by nearly 6 cents a gallon ... in
the past few days. If they remain around $31 a barrel, then this
gasoline price cutting will have to cease.''
Prices fell in every region, with the greatest drop in the
Midwest. Gasoline prices were down 17 cents in Chicago, 13 cents in
Cincinnati and 31 cents in Detroit, Lundberg said.
Suppliers were able to rush gasoline to the Midwest in July to
solve distribution problems in the region, dropping the national
average, analyst Lundberg said.
In early June, prices hit an average $2.13 a gallon in Chicago,
making it the first city in the survey to exceed an average pump
price of $2 per gallon.
The latest survey of 10,000 stations nationwide was conducted
The national weighted average price of gasoline, including
taxes, at self-serve pumps Friday was $1.49 for regular unleaded,
$1.58 for midgrade and $1.67 for premium. At full-service pumps,
the average was $1.85 for regular unleaded, $1.94 for midgrade and
$2.02 for premium.