Business

Average Gasoline Price Tumbles to Lowest Level in Almost Four Years

The price of regular gasoline dropped to $2.659 per gallon at a Hi Tech Fuels in Chattanooga, Tenn., last week. (John Rawlston/Associated Press)
The price of regular gasoline dropped to $2.659 per gallon at a Hi Tech Fuels in Chattanooga, Tenn., last week. (John Rawlston/Associated Press)

 

(The L.A. Times)—The average price of regular gasoline at U.S. pumps slid to the lowest level in almost four years, dropping 18.2 cents in the two weeks that ended Friday to $3.08 a gallon, according to Lundberg Survey Inc.

Prices are 28.69 cents lower than a year earlier, according to the survey, which is based on information obtained at about 2,500 filling stations by the Camarillo company.

The average is the lowest since Dec. 17, 2010, as oil, which makes up 64% of the pump price, has fallen 24% from this year’s peak in June. And prices could continue to fall.

“The crude oil price crash has been passed through by refiners,” said Trilby Lundberg, president of Lundberg Survey. “Retailers will probably be pressed to pass through at the pump a few more pennies of price-cutting sometime soon.”

 

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