Drop In Gas Prices Could Continue

Declines in demand and crude prices could perpetuate the recent drop in gas prices, albeit at a slower rate, according to the nationwide Lundberg Survey.

The country has seen a 53-cent decline in gas prices the past two weeks – a record decline – with the average price of regular unleaded at about $2.78 per gallon as of this past weekend. Just two weeks ago the price was $3.31 per gallon, according to the Lundberg Survey.

The record average high was reached on July 11 when the price of unleaded regular was $4.11 per gallon. The continuing decline in demand and crude prices will likely continue to drive down the price at the pump, according to the Lundberg Survey.

In July, oil prices were at $147 a barrel; on Friday, the price was $64.15 a barrel.

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