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Lundberg Survey: Gas Prices Down

Retail gas prices dropped slightly in the last two weeks as oil price hikes were checked by an increase in the gasoline supply, an industry analyst said Sunday.

The average retail price for all three grades dropped half a cent to $1.93 between Feb. 5 and Friday, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey (search) of 7,000 gas stations across the country.

The most popular grade, self-serve regular, was priced at $1.90 a gallon, while customers paid $2 for midgrade. Premium averaged $2.10 a gallon for the period.

During the two-week period, crude oil prices rose almost $2 per barrel, but gasoline supplies also grew, offsetting the price increase, Lundberg said.

"This small drop in price doesn't herald big price cuts to come," Lundberg said. "More likely, gasoline prices will cease dropping soon, unless crude oil prices fall dramatically."

She said gas prices will likely rise in the future toward a peak during the summer driving months of June, July and August.

The highest average gas price for regular unleaded was in Honolulu (search), at $2.32. The lowest price was $1.75 in Cheyenne (search), Wyo.