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Gas Prices Drop Again

Gas Prices Drop Again

Posted - Nov. 9, 2003 at 4:43 p.m.

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(Camarillo, California-AP) -- Retail gas prices dropped more than four cents per gallon in the past two weeks, but a slight recovery in the crude oil market could slow or reverse recent price declines.

That's according to the nationwide Lundberg Survey released today.

The average price Friday for a gallon of self-serve gas nationwide, including all grades and taxes, was about one dollar, 55 cents. That was a decrease of four-point-33 cents per gallon from October 24th, the date of the last Lundberg Survey.

Average prices have slipped nearly 20 cents in the past two months following the end of a supply crunch caused by the summer driving season, electricity blackouts and a pipeline rupture that halted gas deliveries to Arizona.

But analyst Trilby Lundberg says the downward trend could change if oil prices remain around 31 dollars per barrel or continue to rise.

(Copyright 2003 by The Associated Press. All Rights Reserved.)


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