The average price for regular gasoline at U.S. pumps fell 3.46 cents in the past two weeks to $3.3113 a gallon, according to Lundberg Survey Inc.
The survey covers the period ended Jan. 24 and is based on information obtained at about 2,500 filling stations by the Camarillo, California-based company.
The Jan. 24 retail price was 3.3 cents lower than a year ago, Lundberg said.
“The decline in retail prices is virtually the same as the one at the wholesale level,” Trilby Lundberg, the president of Lundberg Survey, said in a telephone interview yesterday. “Retailers’ savings were passed onto motorists.”
The highest price for gasoline in the lower 48 U.S. states among the markets surveyed was in San Diego, at $3.60 a gallon, Lundberg said. The lowest price was in Billings, Montana, where customers paid an average $2.94. Regular gasoline averaged $3.56 a gallon on Long Island, New York, and $3.57 in Los Angeles.
Gasoline futures on the New York Mercantile Exchange declined 0.59 cent to $2.6632 a gallon in the two weeks ended Jan. 24.
Gasoline inventories rose 2.12 million barrels to 235.3 million in the week ended Jan. 17, the highest level since February 2011. The increase came as East Coast imports of gasoline jumped 30 percent from the prior week to 520,000 barrels a day.
In the two weeks to Jan. 24, West Texas Intermediate crude rose $3.92, or 4.2 percent, to $96.64 a barrel on the Nymex, while Brent oil climbed 63 cents to $107.88.
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