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U.S. gasoline prices drop
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June 25, 2001: 8:39 a.m. ET
Prices drop almost a dime a gallon in two weeks to below year-ago level
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VENTURA, Calif. (CNN) - Gasoline prices fell again over the last two weeks, dropping almost a dime a gallon, a survey said.
The average price of a gallon of self-serve regular fell to $1.5964 as of Friday, down 9.5 cents from June 8, said Trilby Lundberg, publisher of the Lundberg Survey, which tallies gas prices at more than 8,000 stations in all 50 states.
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Consumers will find gas is almost a dime a gallon cheaper than two weeks ago, and about 7 cents a gallon less than a year ago. | |
That means that, as the nation enters the summer driving season, prices are 7 cents below what they were a year ago and supplies appear ample for the summer season, typically the time of peak demand for gasoline.
The drop is more than double the 3.53 cents that prices had fallen during the previous two-week period, the first fall in the price of gas since March.
The numbers are similar to the June 18 survey of prices by the U.S. Department of Energy, which found an average price of $1.601 a gallon, down 4.6 cents from a week earlier and 8 cents from a year earlier.
Lundberg cited more plentiful stocks of gasoline as the reason.
"Basically, refineries are cranking out as much gas as possible."
Gas in Tulsa, Okla., was cheapest, at $1.30, and most costly in San Francisco, at $1.99.
Other cities with gas prices at the highest end of the range include Los Angeles, with an average price of $1.93 a gallon, Hartford, Conn., at $1.78, and Chicago at $1.70. Cities near the lower end of the price range include Cincinnati at $1.33, Atlanta at $1.40 and New Orleans at $1.45. 
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