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Gas price plunge continues
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August 10, 1998: 10:29 a.m. ET
Average price per gallon dips another two cents over past two weeks
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LOS ANGELES (CNN) -- Gasoline prices around the country took another steep fall in late July and early August.
The bi-weekly Lundberg Survey found the average price for all grades of gasoline, both self-and full-serve, fell to $1.10 a gallon. That's down nearly two cents from the last survey, taken July 24.
Gasoline prices are more than 18 cents lower than at this time last year, when they averaged $1.29 a gallon.
Nationwide, a gallon of self-serve gasoline averages about $1.04.
Analyst Trilby Lundberg says smaller retailers are hurting from the dropping prices. Many, she says, are going out of business.
"Dealers are losing their profit margins, cutting prices to get sales," Lundberg said.
Gas prices have moved down most of 1998, with a slight increase, then leveling, in late March. By early June, they were falling once again.
Lundberg says the glut in the crude oil is responsible for the low prices.
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