CAMARILLO, Calif. (AP) — The average U.S. price of regular-grade gasoline plunged 19 cents over the past two weeks to $4.86 per gallon.
Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the continued decline comes as crude oil costs also fall.
“Assuming oil prices do not shoot up from here, motorists may see prices drop another 10-20 cents as the oil price cuts continue making their way to street level,” Lundberg said in a statement.
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The Midstate has seen a drop in prices in the last week. In Harrisburg, prices dropped about nine cents and now average at $4.77/g on Monday morning, according to GasBuddy’s survey of 241 stations.
Lancaster and York also had a drop in prices of about 10 centers per gallon. In Lancaster, the average price now sits at $4.84/g and York sits at $4.77/g.
“The national average has declined for 27 days straight, or four weeks, the longest decline in average gas prices since the pandemic started in 2020. Average gas prices are down nearly 40 cents, with Americans shelling out $140 million less on gasoline every day than they did a month ago,” said Patrick De Haan, head of petroleum analysis at GasBuddy.
De Haan says the trend could continue into a fifth week as long as oil prices remain cooperative and do not surge beyond $105 per barrel and as long as refinery production of gasoline remains strong.
“But we’re not completely out of the woods yet – we could also see a sharp reversal in the decline,” De Haan added. “There remains risk of a spike in prices that could send us to new record levels in August, should any disruptions occur. It could be a wild ride, but for now, the plummet at the pump shall continue.”
Statewide, the average cost is $4.78/g, which is down about 27 centers since June’s average of $5.05.
The average price at the pump is down 24 cents over the past month, but it’s $1.66 higher than it was one year ago.
Nationwide, the highest average price for regular-grade gas was in the San Francisco Bay Area, at $6.14 per gallon. The lowest average was in Baton Rouge, Louisiana, at $4.19 per gallon.
According to the survey, the average price of diesel dropped 13 cents since June 24 to $5.76 a gallon.