Survey says gas prices have started to drop
June 9, 1996
Web posted at: 9:15 p.m EDT(CNN) -- Gasoline prices, which had risen steadily since last November, peaked late last month and have finally begun to decline over the last two weeks, according to an oil industry survey.
"For the first time this year, gasoline prices at the pump are down significantly," said Trilby Lundberg, editor of the Lundberg Letter. "They are down over a penny compared to two weeks ago."
The average price nationally for all grades of gasoline was 136.86 cents a gallon, which is 1.21 cents a gallon lower than two weeks earlier, according to Friday's survey of 10,000 gas stations in the United States.
Regular unleaded, sold at self-service pumps, was 130.58 cents a gallon, which is 1.25 cents a gallon lower than in late May, based on the most recent survey.
"The main reason for that is lower crude oil prices that refiners must pay -- and refiners and their wholesale customers, their distributors and dealers, are passing through these lower oil prices to the public," Lundberg said.
"Lower crude oil prices and loosening of supplies caused prices to peak around the country two weeks ago in late May and since then, those same reasons have allowed prices to fall," she said. "The pass-throughs of lower oil prices into the gasoline system are happening just in time for summer driving."
"Prices rose over 20 cents overall nationally between the beginning of the year and late May and have now fallen off a bit more than a penny in the past two weeks," Lundberg said.
Related stories:
- Gas prices level off in time for summer - May 26, 1996
- House votes to roll back gas tax - May 21, 1996
- Average price of gas drops slightly Wednesday - May 8, 1996
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