Deep Drop in U.S. Gasoline Prices Diminishing, Lundberg Says | Business News

Deep Drop in U.S. Gasoline Prices Diminishing, Lundberg Says

26 Jan 2015 | Author: | No comments yet »

AP NewsThe average price of regular gasoline at U.S. pumps dropped 13.3 cents to $2.0691 a gallon, as the plunge may be abating, according to Lundberg Survey Inc.CAMARILLO, Calif. (AP) — The typical price tag of a typical gallon of gas dropped 13 cents in the past two weeks to $two.07, but it could quickly rise. Prices are $1.2422 lower than a year ago, according to the survey, which is based on information obtained at about 2,500 filling stations during the two weeks ended Jan. 23 by the Camarillo, California-based company. Sector analyst Trilby Lundberg mentioned Sunday that the lowest rates in much more than five years are most likely to enhance since of rising wholesale rates.

Declines have lost steam and prices will be hitting a bottom soon unless there is a renewed plunge in crude oil prices, according to Trilby Lundberg, the president of Lundberg Survey. “In the past 10 days, the wholesale prices that gasoline marketers and retailers pay are up,” Lundberg said in a telephone interview. “Retail prices will most likely be bottoming soon, if they haven’t already.” The highest price for gasoline in the lower 48 states among the markets surveyed was in San Francisco, at $2.54 a gallon, Lundberg said. U.S. oil output fell to 9.186 million barrels a day in the week ended Jan. 16, after reaching 9.192 million Jan. 9, the highest level in weekly Energy Information Administration data dating back to 1983. U.S. production has increased 70 percent in five years as companies have used horizontal drilling and hydraulic fracturing to tap into hydrocarbon-rich layers of underground shale rock. Crude oil remained below $50 after Salman Bin Abdulaziz Al Saud said he would maintain Saudi Arabia’s energy policies after taking over as king following his predecessor’s death on Jan. 22.

King Abdullah oversaw a fivefold expansion in the size of the Arab world’s biggest economy and met the Arab Spring with a mixture of force and largesse. Saudi Oil Minister Ali Al-Naimi, who led OPEC’s November decision to defend market share against surging U.S. shale supplies, remains in his post, according to state-run Saudi Press Agency.

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