Gas Prices Drop, but May Have ‘Hit Bottom’

Gasoline prices dropped nearly 2 cents per gallon at the pump in the last two weeks, but analyst Trilby Lundberg said Sunday that prices may have “hit bottom” and could rise soon, in part because of the Iraqi crisis. The average cost of gasoline was about $1.14 per gallon on Friday, down about 1.7 cents from Jan. 23, according to the Lundberg Survey of 10,000 stations nationwide. At self-service pumps, regular gas was about $1.08 per gallon, mid-grade about $1.19 and premium about $1.27. At full-service pumps, regular was about $1.52, mid-grade $1.60 and premium $1.67. Prices in California are routinely higher than the U.S. average because of stricter air-quality laws and tight refinery capacity.