Gas prices dip less than a penny

Monday, July 26, 2004

CAMARILLO, Calif. -- Gasoline prices dropped slightly in the past two weeks as refineries finished projects that had been limiting production, an industry analyst said Sunday.

The weighted national average price for all grades of gasoline fell a little less than a penny between July 9 and Friday to $1.95 per gallon, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey. The survey polls nearly 8,000 gas stations across the United States.

Gas prices have declined since peaking at just over $2.10 a gallon on May 21.

Self-serve regular averaged $1.92 per gallon in the latest survey. Mid-grade gasoline averaged $2.02 per gallon, while premium averaged $2.11 per gallon.

Lundberg said refineries have finished several projects designed to maximize output for summer travel, leading to the drop in prices. An increase in the cost of crude oil prevented gas prices from falling further, she said.

The lowest average price for a gallon of self-serve regular was $1.74, in Tulsa, Okla. The highest average price was $2.25 in Honolulu.

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