LOS ANGELES – Retail gasoline prices have reached a two-year low, falling steadily since the Sept. 11 terrorist attacks, the Lundberg Survey reported.
The average retail price of a gallon of gasoline, including all grades and taxes, was about $1.15 on Friday, down more than 8 cents per gallon in the past three weeks alone, according to the survey of about 8,000 stations nationwide released Sunday.
It's the lowest price since March 1999, when the national average was about $1.08.
Honolulu had the most expensive gas surveyed at $1.70 per gallon on average. In Atlanta, the average was just 90 cents. The national average peaked at $1.76 per gallon in May.
“There had been pressure to prepare for summer driving. Demand was strong. An oversupply developed,” analyst Trilby Lundberg said, adding that weak economic conditions and an oversupply of gasoline supplies are likely to keep pump prices low into 2002, barring military action in any of the oil-producing nations.
