Gasoline prices fall to lowest level since November

The average price of regular gasoline in the U.S. slid to the lowest level in more than 10 months, dropping 11.6 cents in the three weeks that ended Friday to $3.26 a gallon, according to a survey of gasoline retailers.

Prices are 12.5 cents lower than a year ago, according to a survey by Lundberg Survey Inc. in Camarillo. The survey is based on information obtained from 2,500 filling stations.

The cost of higher-grade gasoline also fell, with midgrade averaging $3.48 and premium $3.64. Retail diesel sold for an average of $3.74, according to the survey.

Trilby Lundberg, president of Lundberg Survey, said gasoline prices have decreased for 16 consecutive weeks because of lower crude oil prices.

The average cost of regular gasoline is now at its lowest point since Nov. 22, and pump prices may fall by a dime or more in the next few days if crude oil prices remain near current lows, Lundberg said.

“Crude oil price declines were passed through by refiners and into their wholesale-gasoline prices,” Lundberg said in a telephone interview with Bloomberg News. “World demand growth has been weak. There’s certainly a flush supply of barrels hitting the market, chasing world demand.”

The Associated Press contributed to this report.