Analyst: Gas prices dip to US average of $2.20 per gallon

By The Associated Press

The average price of regular grade gasoline has fallen nationally to $2.20 per gallon, a drop of 6 cents over the past two weeks.

 

CAMARILLO, Calif. (AP) — The average price of regular grade gasoline has fallen nationally to $2.20 per gallon, a drop of 6 cents over the past two weeks.

Industry analyst Trilby Lundberg updated the figures Sunday, predicting that prices would continue inching down unless a meeting of oil-producing nations later this month culminates in "a credible agreement to freeze or reduce" production.

A seasonal weakness in demand was one reason behind the early-November decline. Lundberg cited another influence: With autumn maintenance projects wrapping up, U.S. refiners are increasing supplies.

Those factors combined to create the drop in average prices, despite a small rise in crude oil prices.

Gas in San Diego was most expensive in the continental U.S., at $2.73 on average. The low average was in Tulsa, Oklahoma, at $1.78 per gallon.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs