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Gasoline Prices Steady

July 11, 2004

CAMARILLO, Calif. (AP)--A steady drop in U.S. retail gasoline prices nationwide leveled off after crude oil jumped in the last two weeks, an industry analyst said Sunday.

Hawaii, meanwhile, continues to have the highest-priced gas in the country.

The weighted national average price for all grades of gasoline dipped about a penny to $1.96 per gallon between June 25 and Friday, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey. The survey polls nearly 8,000 gas stations across the U.S.

The biggest seller, self-serve regular, averaged $1.93 a gallon.

The highest price for self-serve regular among large U.S. cities was Honolulu at $2.25. New Orleans had the lowest-priced gas at $1.73.

For midgrade and premium gasoline, the national weighted average price of a gallon of gasoline at self-serve pumps on Friday, including taxes, was about $2.03 and $2.12, respectively, Lundberg said.

Gas prices have fallen 14 cents since May 21, when the average price peaked at slightly above $2.10 a gallon.

Lundberg said pump prices leveled off over the last two weeks because security concerns spurred a roughly $2-a-barrel jump in crude oil prices.

However, with the Organization of Petroleum Exporting Countries adding 500,000 barrels a day to its output in August, and U.S. refineries maximizing production and imports to meet traditional summer demand, pump prices should remain stable or fall further, Lundberg said.




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