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Gasoline Prices Drop Sharply

September 29, 2003|From Reuters

Average retail gasoline prices fell sharply across the country in the last two weeks, reflecting the end of the peak summer driving season, according to the Lundberg national survey released Sunday.

The national average for self-serve regular gasoline fell to $1.6179 a gallon in the survey taken Friday, a decline of 10.26 cents from the previous survey.

Trilby Lundberg, publisher of the Camarillo-based survey, said it was the steepest drop in a two-week period since right after the Sept. 11, 2001, terrorist attacks, when consumer demand was curtailed sharply. The latest period also coincided with more abundant supplies, she said.

"Crude oil prices and OPEC's announced production cuts are not a significant factor at this time in gasoline prices or in the recent price slide," Lundberg said.

But the latest national average price for a gallon of gasoline was still 19 cents higher than a year ago, she said. Motorists paid the most, on average, in Honolulu at $2.0248 a gallon and the least in Tulsa, Okla., at $1.3142.

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