U.S. gas prices dip as drivers cut back
Gasoline prices dip to $2.65 a gallon on average, according to nationwide survey of filling stations.
New York (CNN) -- U.S. average gasoline prices dropped by more than 3 cents per gallon in the past two weeks as the slumping job market takes its toll on consumers, according to a nationwide survey out Sunday.
The latest Lundberg Survey, compiled Friday, saw the average price of self-serve regular at $2.65, down 3.6 cents from the November 6 report, publisher Trilby Lundberg said. Part of that comes from a slight dip in crude oil prices -- but most of it can be attributed to a 10 percent unemployment rate, she said.
"Our demand for gasoline is shrinking because of the economy, and it is causing a glut of gasoline and therefore lower gasoline prices," she said.
In addition, the price of gasoline is up about 68 cents from last November. That, combined with the job market, has led to "price resistance" on the part of consumers, Lundberg said.
Refiners have responded by cutting back production. More than 20 percent of U.S. refinery capacity has been shuttered, mostly to let a glut of gasoline work its way through drivers' engines, she said.
The highest gas prices in this week's survey were in Anchorage, Alaska, at $3.30 per gallon. In the lower 48 states, the highest was in San Francisco, California, at $2.97.
The cheapest gas could be found in Cheyenne, Wyoming, at $2.38 per gallon of self-serve regular.
A look at prices in some other cities:
-- Atlanta, Georgia: $2.51
-- Baltimore, Maryland: $2.59
-- Chicago, Illinois: $2.80
-- El Paso, Texas: $2.65
-- Hartford, Connecticut: $2.74
-- Miami, Florida: $2.68
-- Omaha, Nebraska: $2.69
-- Portland, Oregon: $2.71