Survey: Gas prices drop 3 cents

ATLANTA (CNN) -- Gasoline prices in the United States are down slightly, nearly 3 cents per gallon, but recent price cuts may have ended, the publisher of a national survey said Sunday.

The average price of a gallon of regular-grade gasoline on Aug. 24 was $2.75, down 2.86 cents from the last survey, which was carried out Aug. 10, said Trilby Lundberg, publisher of the Lundberg Survey. That is 43.42 cents below the peak price of $3.18 for gas reached last May 18, she said.

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Though the current price is 12 cents below what it was a year ago, Lundberg said price cutting has slowed to one-fourth its rate during the prior two-week period.

Ample supplies and lower prices are likely to result in increased demand for gasoline, Lundberg predicted. She warned, however, that a force majeure such as extreme weather, a negative geopolitical incident or even an oil workers' strike could drive up the cost of oil.

Prices were highest in Honolulu, at $3.12 per gallon, and lowest in Phoenix, Ariz., at $2.51 per gallon.

Here are prices in some other cities:

-Dallas: $2.63

-Sacramento, Calif.: $2.67

-Boston: $2.69

-Salt Lake City: $2.69

-Seattle: $2.73

-Chicago: $3.11