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Average Gas Prices Down 11 Cents

Posted: 06/25/2007 - 4:10 PM ET

Figures released on Sunday from a national survey of gasoline prices indicate an eleven cent drop over the past two weeks. Similar figures compiled by AAA confirmed the decrease.

According to the Lundberg survey, conducted by analyst Trilby Lundberg and sampling prices at 7,000 stations nationwide, the lowest prices available were in Jackson, Mississippi at $2.75 for regular with the highest recorded in Chicago at $3.39.

The national high point for regular was reached in May at $3.18. The current average regular price is $3 with mid-grade gasoline at $3.11 and premium sitting at $3.22.

The Lundberg survey, generated by an oil market research firm in California, included the caution not to anticipate significant price decreases in the immediate future but to look for a "modest downdrift."

Increased imports and refinery capacity has improved the tight overall condition of the gasoline supply but the annual period for peak driving, including the 4th of July holiday and Labor Day, will go on for another eleven weeks.

Oil prices fell on Monday, June 25 after unions ended a Nigerian strike where work had been shut down in the nation, Africa's largest producer of oil.

Lundberg pointed to the cessation of Nigeria's labor problems as a positive step that will "calm nerves in oil trading pits and allow crude oil prices to retreat a little."

By mid-day in Europe the price of light, sweet crude with an August date of delivery was down 79 cents to $68.35.

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