Gasoline Prices Continue to Fall

Gasoline prices continued their yearlong slump, dipping more than a penny per gallon during the last two weeks, an industry analyst said. The average pump price of gasoline nationwide, including all grades and taxes, was $1.10 per gallon Friday, according to the Lundberg Survey of 10,000 stations. That was down 1.24 cents from Aug. 7, Trilby Lundberg said. In about a third of U.S. cities surveyed, the price of self-serve regular gas had dropped to under $1 per gallon. The average price for regular gasoline at self-serve pumps was $1.04 per gallon. At full-service pumps, regular was $1.47. Prices have been falling for most of the year, except for a jump in March. Prices are well below what they were two years ago, Lundberg said. The 1996 weighted average was $1.29 per gallon, falling to $1.28 last year and $1.13 so far this year.