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Survey: Gas Prices in 3-Week Nosedive

June 13, 2011 by   - () Leave a Comment

Gas prices in 3-week nosedive.

Gasoline price guru Trilby Lundberg says the price of gasoline is on a three-week nosedive, and projects it may continue, the RV News Service has reported.

“There’s a very good chance that pump prices will continue down, because there is an oversupply of gasoline at a time when our demand is weakening from unemployment conditions,” as well as reports of a possible output hike from Saudi Arabia. Lundberg is quoted in a CNN news story on Sunday.

The drop works out to a 4% decline in the leading motor fuel in the U.S. Lundberg bases her figures on her survey of 2,500 fuel stations across the country.

Gas prices ranged from $4.29 in Chicago to $3.41 in Jackson, Miss.

According to federal government figures, diesel too, is decreasing in price. The average U.S. price for diesel fuel was $3.94 a gallon on June 6. This is the lowest price point for diesel since March; and the Department of Energy projects the year-end average diesel price will amount to $3.87 a gallon.

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