Gas Prices Continue Slide

NEW YORK Dec 5, 2005; Reuters reported that U.S. average retail gasoline prices fell over the last two weeks and are poised to slip even further as crude oil prices continue to tumble, an industry analyst said on Sunday.

The national average for self-serve regular unleaded gas was about $1.93 a gallon in the two weeks surveyed through to Dec. 3, down about 3 cents since Nov. 19, according to the nationwide Lundberg survey of about 7,000 gas stations released on Sunday.

"The most important reason is more plentiful crude oil supplies, which brought oil prices down, affecting the prices of refined products, including gasoline," survey editor Trilby Lundberg said.

Additional refined product has also become available after U.S. refiners completed maintenance projects, Lundberg said.

At $2.32 per gallon, Honolulu had the highest average price for self-serve regular unleaded gas.

Tulsa, Oklahoma saw the lowest price -- $1.73 per gallon.

Prices at the pump have dropped 11 cents over the past six weeks, prompted by a slide in oil prices after they reached record highs in October. A rise in U.S. heating oil stocks, mild early winter weather in the U.S. Northeast and growing crude oil stockpiles have all contributed to the fall in oil prices.

Despite the possibility that OPEC could choose to rein in output when it meets in Cairo on Friday, Lundberg said the oil cartel is unlikely to cut production and that would prompt gasoline prices to drop even further.