The average price of a gallon of regular gasoline in the United States fell 6 cents over the past two weeks, driven by lower crude oil prices, and is down nearly 15 cents in six weeks, according to a widely followed national survey released on Sunday.
U.S. retail regular gasoline prices on April 5 averaged $3.65 per gallon, and were more than 30 cents lower than a year ago, according to the Lundberg Survey of about 2,500 gas stations across a panel of selected U.S. cities.
"It appears that with the different factors, some pulling the price up and some down, that the downs have it once again," said Trilby Lundberg, editor of the survey.
A year ago, the average price at the pumps was about $3.97 per gallon, which represented the 2012 peak price, Lundberg said.
"Crude oil prices have slipped, but we also had some refiner margin erosion. They cut prices to their marketers and retailers because they're paying less for crude oil," Lundberg said.
Of the cities included in the survey, Billings, Montana, had the lowest gas price at $3.33 a gallon, while drivers in Chicago paid the most on April 5 at $4.05 per gallon.
"It may be that retailers will pass through a bit more of the wholesale price cuts that they have been receiving from refiners and in the next couple of weeks the prices will drift down a few more pennies at the pump," Lundberg said.
© 2014 Thomson/Reuters. All rights reserved.