Gas Prices Dip Slightly; More Cuts Expected

The average price of gasoline declined only a tenth of a penny per gallon over the past two weeks, but greater reductions should be expected due to a wholesale price decline, an industry analyst said Sunday.

The Los Angeles-based Lundberg Survey of gasoline stations across the country found the average price of gasoline, including all grades and taxes, was 100.56 cents a gallon, said analyst Trilby Lundberg.

“The lack of significant change in the average masks important and conflicting regional price adjustments and a continuously changing mix of abundant supplies,” Lundberg said in a telephone interview from Chicago, where she was attending a meeting of the American Petroleum Institute.

“Lundberg (Survey) indicators point to larger price cuts in the next few weeks,” she said.

According to the survey, prices per gallon at self-serve pumps were: regular unleaded, 92.91 cents; regular leaded, 89.81 cents, and premium unleaded, 107.18 cents.

At full-service pumps prices were: regular unleaded, 119.88 cents; regular leaded, 115.9 cents, and premium unleaded, 122.21 cents.

During the two-week survey period, East Coast average prices bucked the overall trend and increased due to upward spot price pressure, she said. Retail prices in the Rockies also were up.

But the Midwest, Gulf Coast and West Coast all showed retail drops, Lundberg said.

“We expect lower wholesale prices to work their way through at retail because of downward pressure building for crude both on a spot (contract) basis and term contract basis,” she said.