US gasoline prices fall to lowest in over a year-survey

NEW YORK Sun Dec 23, 2012 4:54pm EST

NEW YORK Dec 23 (Reuters) - The average price for a gallon of regular gasoline in the United States fell more than 10 cents over the past two weeks to the lowest level in more than a year, but prices are now set to rise, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.2579 per gallon on Dec. 21, down 11.72 cents from Dec. 7 and the lowest since mid-December 2011, said Trilby Lundberg, editor of the Lundberg Survey.

Prices have declined for 11 straight weeks, falling 57.96 cents per gallon since hitting near $3.84 on Oct. 5.

However, the drop in prices is coming to an end, Lundberg said.

"Crude oil prices are up slightly ... refiners are paying a bit more for their crude and they have not yet passed through all of those increases into wholesale gasoline," Lundberg said, adding that "retailers have not yet passed through those wholesale gasoline price increases that they have received."

"Both of these sectors will need to at least attempt to recover some margin on gasoline," she said. (Reporting by Chris Reese; Editing by Jeffrey Benkoe)