Falling Gas Prices

The cost of fueling up continues to go down, according to the latest Lundberg Survey, says publisher Trilby Lundberg. “The average price of gasoline is down six-cents over the past two weeks to $2.16 per gallon and its 21-cents down over nine weeks.” Lundberg says there is evidence prices could soon reverse course. “In the past two weeks, crude oil is down about the same amount as gasoline on the cents equivalent basis but in the past one week, they rebounded some.” Crude oil and wholesale gas prices are climbing back up, continues Lundberg. “It may be that this six-cent decline that we’ve seen in the past two weeks will be smaller over several days and maybe even stop.” Enjoy the price decline as long as you can, concludes Lundberg. “Crude oil prices, which are always the biggest slice of the pie of retail gasoline price, have been weak and meanwhile the supply of gasoline has been even stronger than our growing demand.” According to the latest Lundberg Survey, gasoline prices in South Carolina continue to be some of the lowest in the nation at less than $2 a gallon.