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Survey: 1st gas price dip in 2 months
Lundberg sees 3 cent a gallon over the past two weeks; OPEC, hurricane recovery credited.
November 7, 2004: 3:24 PM EST

ATLANTA (CNN) - Gas prices fell nearly 3 cents per gallon over the past two weeks, reversing a trend that saw the price rise about 18 cents since early September, a national survey said Sunday.

A gallon of self-serve regular averaged $2.01 on Nov. 5, down from $2.04 on Oct. 22, said Trilby Lundberg, publisher of the Lundberg Survey, which follows gas prices at about 7,000 stations nationwide.

Prices had risen steadily since Sept. 10, when they averaged $1.86, she said.

Lundberg credited a drop in the price of crude oil for the lower prices at the pump. Oil supplies have increased due to higher OPEC production and partial recovery of U.S. Gulf coast oil facilities that had been damaged by Hurricane Ivan, she said.

The world's narrow supply cushion and frightening headlines about several oil-producing countries in recent months had put the price of oil above $55 per barrel, a record.

But the price of a barrel of West Texas Intermediate closed Friday on the Mercantile Exchange at less than $50.

"The prospects for the near term at the pump are most likely for further declines ... unless there should be a supply disruption," Lundberg said.

As repairs to refineries on the Gulf Coast are completed over the next several months, U.S. oil supplies will be further boosted, she said.

Tulsa drivers paid the least, at $1.74, whereas drivers in San Diego shelled out the most, at $2.40.

Here are some other prices around the country: Atlanta: $1.87; Houston: $1.88 Denver: $1.89; Boston: $2.05; Chicago: $2.13; San Francisco: $2.40; Sacramento, Calif.: $2.31.  Top of page




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