Gas hits $2.55: Down 10 cents in two weeks

Prices at the pump have declined 10.4 cents over the past two weeks, marking the biggest two-week drop since December, according to the Lundberg Survey.

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ATLANTA (CNN) -- Prices at the pump dropped more than a dime over the past two weeks, according to a survey published Sunday.

The average price of a gallon of self-serve regular gasoline is $2.55, the Lundberg Survey found -- a decline of 10.4 cents from June 26.

The decline was the first two-week drop since March, when prices went down a penny, said survey publisher Trilby Lundberg. It was the largest two-week decline in gas prices since early December.

It can be traced to rapidly dropping crude oil prices during the same period, Lundberg said. A year ago, on July 11, 2008, gas prices were a record-setting $4.11 per gallon -- $1.56 above this week's price, she said.

The current price is the result of a global oversupply of crude oil and petroleum due to eroding demand in the ailing economy, she said.

"The recent drop ... comes directly from lower oil prices. We can expect further price cuts at the pump going forward -- maybe huge ones -- in the coming weeks" depending on crude oil prices and the unemployment rate, Lundberg said.

The city with the lowest average price in the survey was Wichita, Kansas, with $2.26 for a gallon of self-serve regular. The highest was Honolulu, Hawaii, at $3.20.

Here are the average prices in some other cities:

  • - Charleston, South Carolina -- $2.36
  • - Houston, Texas -- $2.37
  • - Atlanta, Georgia -- $2.42
  • - Baltimore, Maryland -- $2.48 - Billings, Montana -- $2.59
  • - Salt Lake City, Utah -- $2.61 - Portland, Oregon -- $2.68
  • - San Francisco, California -- $2.94
  • - Boston, Massachusetts -- $2.61
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