February 9, 2014 / 8:05 PM / 4 years ago

Gasoline falls slightly at pumps over two weeks - Lundberg survey

Feb 9 (Reuters) - The average price for a gallon of gasoline in the United States edged slightly lower over the past two weeks, dropping by less than 2 cents, with further declines unlikely in the near future, according to the Lundberg survey released on Sunday.

A gallon of regular grade gasoline fell by 1.69 cents to an average retail price of $3.29, according to the survey of about 2,500 U.S. gas stations taken on Feb. 7. In the prior two-week period, the price had declined by more than 3 cents per gallon.

Even with the minuscule decline, the current price is 30 cents less than a year ago, when regular gasoline averaged $3.59 per gallon at the pumps, according to Trilby Lundberg, publisher of the survey.

Wholesale prices that retailers are paying for their gas have gone up by about 4 cents a gallon while motorists were paying less, “and that’s a recipe for a turnaround,” Lundberg said in a telephone interview.

“It looks to be that we’re headed either for a small rise at the pump, or at least a cessation of these drops.”

In order for retail gas prices to decline further, she said, crude oil prices would have to drop substantially and quickly.

The lowest price for a gallon of regular gas in the survey was found in Billings, Montana, where the average price was $2.99. The highest price of $3.63 per gallon was found in San Diego, California. (Reporting by Bill Berkrot; Editing by Nick Zieminski)

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