August 24, 2014 / 8:07 PM / 3 years ago

U.S. gasoline prices continue to drop -Lundberg survey

NEW YORK, Aug 24 (Reuters) - The average price of a gallon of gasoline in the United States fell by 4 cents in the past two weeks as crude oil prices continued a broad decline, according to the Lundberg survey released on Sunday.

Prices fell to an average of $3.48 per gallon for regular grade gasoline, according to the survey conducted Aug. 22. That extends a decline in prices to nine weeks, survey publisher Trilby Lundberg said.

“This is really a reflection of the crude oil market, and crude oil is by far the biggest component in the retail price of gasoline and is the chief determinant as to directional movement in the retail price of gasoline,” said Lundberg.

The average price for gasoline is about 8 cents lower than a year ago.

The San Francisco Bay Area had the highest price within the survey area, at $3.92 per gallon for regular, while the lowest price was in Jackson, Mississippi, where regular grade cost $3.11 per gallon. (Reporting by Chuck Mikolajczak; Editing by Leslie Adler)

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