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Gas prices fall average of 4 cents per gallon

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  • Gas prices fall average of 4 cents per gallon

    Gas prices fall average of 4 cents per gallon

    Industry expert: Price drops likely to end soon
    Sunday, October 12, 2003 Posted: 6:49 PM EDT (2249 GMT)

    (CNN) -- The price of gasoline dropped nationwide by an average of nearly four cents over the last two weeks, to $1.58 per gallon of self-serve regular, a survey of nearly 7,000 gas stations concluded Sunday.

    The drop of 3.93 cents between September 26 and Friday was less than half the drop of more than a dime during the previous two weeks, and the fall in prices appeared likely to end soon, said Trilby Lundberg, publisher of the Lundberg Survey.

    "This could be the end of the price cuts at the pump for a while," Lundberg said in a telephone interview, noting that the price of crude oil -- the most important predictor of gas prices -- has risen nearly $4 per barrel during the past two weeks.

    The value of crude oil has been buoyed by a forecast of a colder-than-usual winter, coupled with a production cut of 900,000 barrels per day by the Organization of Petroleum Exporting Countries, she said.

    The price of gas is 13 cents higher than what it was this time last year. On October 11, 2002, the national average for a gallon of self-serve regular was $1.45.

    Prices were cheapest in Atlanta, Georgia, where drivers paid an average of $1.36 per gallon of self-serve regular.

    At $2.02, they were highest in Honolulu, Hawaii, the only city where the average price exceeded $2 per gallon.
    "Every man has his weakness. Mine was always just cigarettes."