CAMARILLO, Calif. – A steady drop in gasoline prices (search) leveled off after crude oil jumped in the last two weeks, an industry analyst said Sunday.
The weighted national average price for all grades of gasoline dipped about a penny to $1.96 per gallon between June 25 and Friday, said Trilby Lundberg (search), who publishes the semimonthly Lundberg Survey (search). The survey polls nearly 8,000 gas stations across the United States.
The biggest seller, self-serve regular, averaged $1.93 a gallon.
Gas prices have fallen 14 cents since May 21, when the average price peaked at slightly above $2.10 a gallon.
Lundberg said pump prices leveled off over the last two weeks because security concerns spurred a roughly $2-a-barrel jump in crude oil prices.
However, with the Organization of Petroleum Exporting Countries adding 500,000 barrels a day to its output in August, and U.S. refineries maximizing production and imports to meet traditional summer demand, pump prices should remain stable or fall further, Lundberg said.
The national weighted average price of a gallon of gasoline at self-serve pumps on Friday, including taxes, was about $2.03 for midgrade and $2.12 for premium, Lundberg said.