Gasoline Prices Fall Sharply - Lundberg Survey

NEW YORK September 28, 2003; Reuters reports that the U.S. average retail gasoline prices fell sharply over the last two weeks, reflecting the end of the peak summer driving season, according to the Lundberg nationwide survey released on Sunday.

The national average for self-serve regular unleaded gasoline fell to $1.6179 a gallon in the survey taken Sept. 26, a drop of 10.26 cents from the prior survey.

Trilby Lundberg, publisher of the survey, said it was the steepest drop in a two-week period since right after the Sept. 11, 2001 attacks, when U.S. consumer demand was sharply curtailed.

The latest period also coincided with more abundant supplies, Lundberg said.

"Crude oil prices and OPEC's announced production cuts are not a significant factor at this time in gasoline prices or in the recent price slide," Lundberg said.

But the latest national average price for a gallon of gasoline is still 19 cents higher than a year ago, he said.

The most expensive average U.S. gasoline price was in Honolulu at $2.0248 a gallon while the cheapest was in Tulsa, Oklahoma at $1.3142 a gallon.