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Retail Gasoline Prices Drop; No Sign of New Hikes Found

March 12, 2001|From Associated Press

The retail price of gasoline fell almost 2 cents during the last two weeks as crude oil prices were slightly lower, an industry analyst said Sunday.

The average price of gas at the pump nationwide Friday was about $1.48 per gallon, down 1.95 cents from Feb. 23, according to the Lundberg Survey of 8,000 stations.

The decrease marked the fourth straight week that gas prices had declined slightly because of lower crude prices, said industry analyst Trilby Lundberg.

Lundberg said there are no immediate signs of future price hikes. But, she added, "if OPEC determines to cut oil production in order to shore up crude oil prices and if spring and summer gasoline demand in the U.S. is very strong, then these pump price cuts could be on their last legs."

Representatives of the Organization of Petroleum Exporting Countries are scheduled to meet Friday in Vienna to coordinate a strategy for an expected drop in oil demand as winter demand ebbs in many consumer countries.

New production cuts have been widely expected.

National weighted average prices are down about 11 cents from the same period last year, Lundberg said.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.44 for regular unleaded, $1.54 for mid-grade and $1.63 for premium. At full-serve pumps, the average was $1.83 for regular unleaded, $1.93 for mid-grade and $2 for premium.

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