November 18, 2012 / 8:51 PM / 7 years ago

Average retail gas prices fall seven cents on trend: survey

NEW YORK (Reuters) - The average price for a gallon of regular gasoline in the United States fell during the past two weeks as demand took a hit from supply disruption after Hurricane Sandy and the loss of daylight savings time, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.4728 per gallon on November 16, down 7.26 cents from November 2, said Trilby Lundberg, editor of the Lundberg Survey. With the most recent decline, the overall drop in gasoline prices for the past six weeks have added up to 36.47 cents per gallon.

“U.S. crude oil prices actually rose a little in the past two weeks but the weak gasoline demand has helped pull down prices and contributed to the down trend (in gasoline prices),” Lundberg said.

“Unless we have a significant reason for crude oil prices to rise, such as escalating conflicts in the Middle East, I do expect retail gasoline prices to continue to edge down in the near future,” she added.

The highest prices for regular gasoline recorded in the most recent survey were on Long Island, New York, at an average of $4.18 a gallon, while drivers in Memphis, Tennessee, were paying the least at $3.04 per gallon.

Reporting By Angela Moon; Editing by Maureen Bavdek

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