The average price of a gallon of gasoline in the United States fell again over the last two weeks, but prices seem to be bottoming out, an industry analyst said.
The national average for self-serve regular unleaded gas was nearly $2.486 a gallon on July 24, down about 7.14 cents per gallon since July 10, according to the nationwide Lundberg survey of about 7,000 gas stations.
Average prices have tumbled nearly 18 cents per gallon in July, but the trend of falling prices could soon come to an end, said survey editor Trilby Lundberg.
Not only has the rate of decline slowed, but it can be expected to disappear entirely as these prices may have hit a bottom for now, Lundberg said.
Increases in crude oil prices could signal an upswing in average retail prices, Lundberg said. Crude oil prices settled up 89 cents at $68.05 per barrel on Friday, up from $59.89 per barrel two weeks earlier.
Average prices for self-serve regular unleaded gas are well below the all time high of $4.11 registered on July 11, 2008, as high unemployment has helped to reduce demand. Gas on average is $1.51 below what it sold for on July 25, 2008.
At $3.03 a gallon, Honolulu, Hawaii, had the highest average price for self-serve regular unleaded gas, while the lowest price was $2.22 in Jackson, Mississippi, in the latest period, the survey found.
(Reporting by Steve Eder; Editing by Leslie Adler)