NEW YORK The average retail price for a gallon of gasoline in the United States fell more than 48 cents per gallon in the past two weeks to $2.30, according the latest nationwide Lundberg survey.
Though it is a smaller price drop than the prior two-week period it is still the second-greatest price crash in the history of the U.S. gasoline market, according to the survey of around 7,000 gas stations.
The price is down $1.81 from its all time high level of just four months ago of $4.11 on July 11. It is the lowest price since Feb 2, 2007, when it was $2.22.
The price decline is being driven by a lower oil prices and shrinking U.S. gasoline demand said Trilby Lundberg, who compiles the survey.
"From here short term, barring a deep global oil demand cut which would pull crude oil prices down further, both oil and gasoline prices may soon bottom out," said Lundberg. "And for U.S. motorists the drop is probably complete or nearly so.
The lower prices will be encourage U.S. gasoline demand to shrink less or stop shrinking.
"Longer term, stronger world oil demand growth will support higher prices, even if OPEC's recent pledges to reduce production prove empty," said Lundberg.
On November 7 the highest retail average regular grade price in contiguous U.S. was in Burlington, Vermont at $2.70. While the highest and second highest were Anchorage, Alaska, $3.14 and Honolulu, Hawaii, $3.09. Lowest average was in Tulsa, Oklahoma.
(Reporting by Yinka Adegoke, editing by Martin Golan)