The average price of regular gasoline at filling stations fell below $4 for the first time in more than a month after crude-oil prices tumbled...
The average price of regular gasoline at filling stations fell below $4 for the first time in more than a month after crude-oil prices tumbled 16 percent from a record, the Lundberg survey showed.
Gas dropped 11.7 cents, or 2.8 percent, to $3.9959 a gallon in the two weeks ended Friday, according to analyst Trilby Lundberg’s survey of 7,000 stations nationwide.
Oil accounts for 74 percent of gasoline’s pump price.
“Gasoline is responding to crude oil’s recent price drops, and crude oil is responding to some moderate changes in demand and supply,” Lundberg said Sunday.
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The highest average price for self-serve regular was $4.43 a gallon in Anchorage, Alaska.
The lowest was in Wichita, Kan., $3.61 a gallon.
The average price for regular in the Seattle-Bellevue-Everett area was $4.246 Sunday, down from Saturday’s $4.258, according to AAA’s Daily Fuel Gauge Report.
Pump prices nationally last averaged less than $4 a gallon as of June 6, when gasoline cost $3.99, the Lundberg survey said.
Prices have dropped as cash-strapped consumers, who also are grappling with rising unemployment and declining home values, cut back on unnecessary trips.