Sun Dec 20, 2009 10:28pm GMT
NEW YORK, Dec 20 (Reuters) - U.S. average retail gasoline prices fell 3.89 cents per gallon in the last two weeks, extending a decline that began in early November, according to an industry analyst.
The national average for self-serve regular unleaded gas was $2.596 a gallon on Dec. 18, meaning the price has dropped about 9 cents a gallon in the last six weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.
Gasoline, however, is still more expensive than the $1.66 average at this time last year, when deep troubles in the economy put big pressure on prices at the pump.
Still, current prices provide a "rather hopeful note for hard-pressed consumers and motorists" who are not likely "to see any significant rise at pump through the end of this year and early 2010," said survey editor Trilby Lundberg.
Lundberg noted that the current markets for crude oil, distillate and gasoline are "glutted," which is unlikely to change until demand rebounds or there are fresh shutdowns in the refining system.
"Gasoline prices may well be in a very stable period that will continue, with just small changes up or down," she said.
At $3.27 a gallon, Anchorage, Alaska, had the highest average price for self-serve regular unleaded gas, while the lowest price was $2.26 a gallon in Cheyenne, Wyoming. (Reporting by Paul Thomasch, editing by Matthew Lewis)
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Source: http://uk.reuters.com/article/idUKN2021624120091220
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