The average price for a gallon of gasoline in the United States fell 4 percent in the past three weeks, and could drop further due to less demand, falling oil prices and reports that Saudi Arabia may soon increase production, according to the latest nationwide Lundberg survey.The national average price for self-serve, regular unleaded gas fell 16 cents to $3.7405 per gallon on June 10, compared with $3.9074 on May 20, according to the Lundberg survey of some 2,500 gas stations in larger metropolitan areas in the continental United States.
The falling prices were due in part to lower crude oil prices, according to Trilby Lundberg, the survey’s editor. She said other factors included weak gasoline demand in a U.S. market still feeling the impact of unemployment, meaning less gasoline was being bought for the daily commute.
“There is a also strong speculation Saudi Arabia might increase its oil output and even if they don’t it will add to the downward pressure on gas prices,” Lundberg said.
Another factor Lundberg highlighted was the oversupply of oil. She said all those factors would likely continue to depress prices through July.
At $4.29 per gallon, Chicago drivers paid the highest price for self-serve, regular unleaded gasoline, while the lowest price was $3.41 in Jackson, Mississippi.