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Survey Shows Gas Prices Drop to Pre-Katrina Levels
Average Pump Price Down 23 Cents in Last Two Weeks
CAMARILLO, Calif. (Nov. 6) - Retail gas prices plunged an average of 23 cents nationwide in the past two weeks, marking a return to pre-Hurricane Katrina levels, according to a survey.
The weighted average price for all three grades declined to $2.45 a gallon on Friday, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country.
Self-serve regular averaged $2.43 a gallon nationwide. The price for midgrade was $2.53, while premium-grade hit $2.63.
The average pump price for all three grades on Aug. 29, the day Katrina made landfall on the Gulf Coast, was $2.65, according to the survey.
The lowest average price in the nation for regular unleaded among the stations surveyed was $2.06 a gallon in Tulsa, Okla. The highest was $2.74 in Miami.
Lundberg said gasoline prices are pulling back after spiking higher in the wake of a series of hurricanes that interfered with production in and around the Gulf of Mexico.
"What has occurred is that supply swelled as our domestic refinery capacity came back on line after recovering from hurricane damage and gasoline imports flooded in to help fill the demand," Lundberg said in a telephone interview.
In addition to the rise in supply, Lundberg noted that demand fell off as the U.S. summer driving season came to a close and as Americans tried to limit their driving in the face of rising prices.
Gasoline prices hit a record high of $3.0117 a gallon on Sept. 9.
"For the near future, however, any future price cuts are likely to be much smaller than what we've seen in the last month," Lundberg added.
Average Pump Price Down 23 Cents in Last Two Weeks
CAMARILLO, Calif. (Nov. 6) - Retail gas prices plunged an average of 23 cents nationwide in the past two weeks, marking a return to pre-Hurricane Katrina levels, according to a survey.
The weighted average price for all three grades declined to $2.45 a gallon on Friday, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country.
Self-serve regular averaged $2.43 a gallon nationwide. The price for midgrade was $2.53, while premium-grade hit $2.63.
The average pump price for all three grades on Aug. 29, the day Katrina made landfall on the Gulf Coast, was $2.65, according to the survey.
The lowest average price in the nation for regular unleaded among the stations surveyed was $2.06 a gallon in Tulsa, Okla. The highest was $2.74 in Miami.
Lundberg said gasoline prices are pulling back after spiking higher in the wake of a series of hurricanes that interfered with production in and around the Gulf of Mexico.
"What has occurred is that supply swelled as our domestic refinery capacity came back on line after recovering from hurricane damage and gasoline imports flooded in to help fill the demand," Lundberg said in a telephone interview.
In addition to the rise in supply, Lundberg noted that demand fell off as the U.S. summer driving season came to a close and as Americans tried to limit their driving in the face of rising prices.
Gasoline prices hit a record high of $3.0117 a gallon on Sept. 9.
"For the near future, however, any future price cuts are likely to be much smaller than what we've seen in the last month," Lundberg added.
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