NEW YORK May 18 The average price of a gallon
of gasoline in the United States fell for the first time in
three months, dropping about 3.5 cents over the past two weeks,
according to the Lundberg survey released on Sunday.
Gasoline prices, which had steadily increased since Feb. 7,
eased to $3.6876 per gallon of regular grade gasoline, according
to the most recent survey, which was conducted on May 16.
"The price run-up was very steep," said Trilby Lundberg,
publisher of the survey, noting that gasoline prices had gained
nearly 43 cents per gallon, before the most recent decline.
An overabundance of supply, with more than enough to meet
demand, contributed in part to the most recent price decline,
Lundberg said. Also, the higher amounts that refiners have to
spend to make summer gasoline blend has been mostly passed along
already, she said.
The price recorded on May 16 is a small premium over this
time last year, when prices were $3.6566 per gallon of regular
(Reporting by Ashley Lau in New York)