The average price for a gallon of gasoline in the United States fell more than 3 cents over the last two weeks as retailers and refiners saw shrinking margins in an oversupplied market.
Reuters reported that the national average for self-serve, regular unleaded gas was nearly $2.9423 a gallon on Feb. 8, down about 3.5 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.
Gasoline prices are up about 74 cents per gallon from a year ago, survey editor Trilby Lundberg said, adding that January is typically the slowest month for demand.
Prices have fallen nearly 13 cents since January 11.
But with demand awakening as spring approaches, Trilby said prices are poised to climb.
“The slight oversupply will end and prices will rise,” Trilby said. “The 3.5-cent drop comes not from crude, but from profit margin losses from refiners and gas retailers. Shrinkage in margins made for that drop at the pump.”
Lundberg also noted that the price of crude is about $91.77 a barrel, from less than $60 a year ago.
At $3.35 a gallon, Honolulu had the highest average price for self-serve, regular unleaded gasoline, while the lowest price was $2.76 a gallon in St. Louis, Lundberg added.
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