Gas Prices falling

It is costing drivers less to file up at the pump, this according to the Lundberg Survey. Publisher Trilby Lundberg gives details.  “Gasoline prices dropped eight cents in the past two weeks; the new average for regular is $3.60.” This is a reversal, explains Lundberg.  “This is nearly exactly a reversal of what happened in the prior two weeks.  Earlier in July, the price rose by eight cents and now in these two weeks it is down eight cents.” Lundberg tells more about the drop in gas prices.  “It comes mostly from an abundance of gasoline supply, a high use rate of our refining capacity and refiners cutting prices to their retailers and marketers.” Further price cuts could be coming this summer, concludes Lundberg.  “It could be a few more pennies because we can see whole sale price cuts by refiners still coming to the streets, but as always if crude oil prices jump that could cancel out such cuts and cause prices to rise instead.” The Lundberg Survey of U.S. gasoline prices found that the highest prices were in Chicago and San Diego at $3.92 per gallon for regular and the low was in Charleston, South Carolina at $3.27.