The average price for regular gasoline at US filling stations fell 6.19 pennies in the past 2 weeks to $3.7833 gal, according to the Lundberg Survey.
The survey covers the 2-wk period ended 18 May, and is based on information received from about 2,500 stations.
The price is 12.41 pennies lower than a year earlier, when the average was $3.9074 gal. The highest average this year was $3.9671 gal, during the 2 wks ended 6 April.
Prices at the pump fell as West Texas Intermediate (WTI) Crude for June delivery on the New York Merc fell $7.01, or 7.1%, to 91.48 bbl in the 2 wks ended 18 May.
Futures are at the lowest level since 26 Octoer, and have declined 17% since reaching a year-to-date high of 109.77 on 24 February.
Gasoline futures for June delivery on the Nymex fell 8.63 pennies, or 2.9% during the period to $2.8895. Gasoline has dropped 15% since reaching a Y 2012 high of $3.4166 on 26 March. Futures are + 7.6% on the year.
Futures have fallen on concern that the EU debt crisis is worsening and on signs economic growth in the US and China is slowing, threatening to dampen demand for gasoline.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.