NEW YORK, Aug 29 (Reuters) - The average price for a gallon of gasoline in the United States fell to its lowest level since February, thanks to a drop in crude oil prices and consumer demand, according to an industry analyst.
The national average for regular grade gas declined to $2.6979 per gallon, down 7.43 cents compared with the price two weeks ago, said the nationwide Lundberg survey on Sunday. The current price is about 6 cents above its year-ago level.
The current price has declined more than 22 cents since a May peak, said survey editor Trilby Lundberg.
Gas prices are just now reacting to a drop in crude oil prices. The average price for crude was $75.17 per barrel on Aug. 27 compared with $75.39 per barrel during the previous survey date of Aug. 13, according to the survey.
'Of course unemployment continues to hobble gasoline demand,' Lundberg added.
The survey, conducted on Aug. 27, involved about 2,500 stations across the country.
Among the cities tapped, San Francisco had the highest average price at $3.13 per gallon, while the lowest price was $2.39 per gallon in St. Louis.
((Reporting by Jennifer Saba, Editing by Gary Crosse)) Keywords: ENERGY GASOLINE/RETAIL (Jennifer.Saba@thomsonreuters.com; +1-646-223-6173; Reuters Messaging: jennifer.saba.reuters.com@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The national average for regular grade gas declined to $2.6979 per gallon, down 7.43 cents compared with the price two weeks ago, said the nationwide Lundberg survey on Sunday. The current price is about 6 cents above its year-ago level.
The current price has declined more than 22 cents since a May peak, said survey editor Trilby Lundberg.
Gas prices are just now reacting to a drop in crude oil prices. The average price for crude was $75.17 per barrel on Aug. 27 compared with $75.39 per barrel during the previous survey date of Aug. 13, according to the survey.
'Of course unemployment continues to hobble gasoline demand,' Lundberg added.
The survey, conducted on Aug. 27, involved about 2,500 stations across the country.
Among the cities tapped, San Francisco had the highest average price at $3.13 per gallon, while the lowest price was $2.39 per gallon in St. Louis.
((Reporting by Jennifer Saba, Editing by Gary Crosse)) Keywords: ENERGY GASOLINE/RETAIL (Jennifer.Saba@thomsonreuters.com; +1-646-223-6173; Reuters Messaging: jennifer.saba.reuters.com@reuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.