Analyst: Pump prices plunge to historic lows
March 8, 1998
Web posted at: 9:50 p.m. EST (0250 GMT)
LOS ANGELES (CNN) -- Gas prices in the United States were at their lowest inflation-adjusted level in recorded history in a March 6 survey, the publisher of the Lundberg Survey said Sunday.
The March 6 edition of the twice-monthly survey of 10,000 service stations found the national average for all grades of gasoline at full service and self-service stations stood at $1.0924, survey publisher Trilby Lundberg said.
The national average for the most popular grade, self-service unleaded regular, stood at $1.038, Lundberg said.
She said it was a decline of nearly 3 cents in the two-week period from the last survey, part of a continuing decline that has amounted to more than 23 cents since September.
The main reasons for the price drop are a continuing sag in crude oil prices and a price war among refiners and distributors, Lundberg said.
The Lundberg Survey calculated prices in 1998 dollars, adjusting other annual figures for inflation by using the Consumer Price Index, to arrive at the conclusion that gas prices are the lowest at any time since figures were kept in 1920.