Gas Prices Fall, First Time Since Dec.
(Reuters)
NEW YORK -- After months of steady increases, U.S. average retail gasoline prices fell over the past three weeks as crude oil prices declined and refiners completed maintenance required under new and more costly environmental standards, according to a nationwide survey released Sunday.
The national average for self-serve regular unleaded gas fell 6.48 cents per gallon to $2.0096 in the three weeks ended June 11, according to the Lundberg survey of nearly 8,000 gas stations. It was the first Lundberg survey since December showing a price decline, the report said.
Even so, the price of gasoline is still up 50 cents per gallon compared to the same time a year ago, the survey said.
"The main factors for the decline are somewhat lower crude oil prices and a closer balance between gasoline supply and demand in the United States." said Trilby Lundberg publisher of the report.
On June 1, the New York Mercantile Exchange near-month futures contract price for West Texas Intermediate oil was $42.33.
On June 10, the latest trading day on the New York NYMEX oil futures market, the price was $38.45 cents. That decline helped lower gasoline prices.
In addition, supplies of gasoline increased as refiners that were conducting repairs and maintenance earlier in the year completed their projects and were able to release additional capacity, the report said.
The cheapest gasoline was found in Tulsa, Oklahoma at $1.75 while the highest was found in San Francisco bay area, at $2.32 according to the survey.