Lundberg Survey – Current Gasoline Price in the US Reflects a Two-Week Drop

The current gasoline price average in the U.S. reflects a drop in the last two weeks, with demand affected by the supply interruption following Hurricane Sandy and the end of daylight savings time, according to the recently released Lundberg Survey.

On November 16, the average price of gasoline was $3.4728 a gallon. That rate is lower by 7.6 cents compared to its level on November 2, according Trilby Lundberg, the editor of the highly followed survey. With the latest drop, the current gasoline prices reflect a total fall of almost 36.4 cents a gallon that had been accumulated in the last six weeks.

The crude oil price per barrel of the U.S. benchmark actually increased slightly in the last two weeks. However, the low crude demand is one of the top factors for the limited increase in crude oil prices.

Consequently, that led to the downward movement reflected by the gasoline price today, said Lundberg.

Unless an important reason for the crude oil price per barrel is witnessed, like the heightening of the recent conflicts in the Middle East, the survey editor said that the current prices of gasoline are expected to keep on falling soon.

The survey shows that the highest average gasoline price today is in Long Island, New York, at $4.18, while the cheapest prices at the pump are currently found in Memphis, Tennessee, with drivers spending around $3.04 a gallon to fill their tanks.

By: Chris Termeer