CAMARILLO, Calif. (AP) – Retail gasoline prices have fallen 2 cents in the past two weeks, contributing to a price decrease of more than 16 cents since Sept. 12, according to a national industry report Sunday.
The Lundberg Survey of gas prices for the two weeks ending Oct. 24 found the weighted average retail gasoline price for all grades fell to $1.59, down from $1.61 in Lundberg’s Oct. 10 survey.
The drop reflects a continuing decrease since prices peaked in August.
Crude oil had reached $32 per barrel on the NYMEX two weeks ago, but has returned to about $30 per barrel.
OPEC has announced plans to cut production of crude oil by 900,000 barrels per day, which could boost demand and prices for home heating oil, especially if the winter is colder than usual. Crude prices are an important element in gasoline prices.
As of Friday, self-serve regular gasoline showed an average weighted price of $1.56 a gallon, with midgrade at $1.66 and premium at $1.75. All of the prices include taxes.
AP-ES-10-26-03 1846EST
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