AP Radio AP Radio News:

Nov 20, 2:13 PM EST

Analyst: Gas prices dip to US average of $2.20 per gallon


Interactives
Brazil drills deep into ocean for oil
History's impact on oil prices
Latest News
US consumers should feel muted impact from rising oil price

Iraq prime minister says his country will cut oil production

Multimedia
Today's Gas Prices:
State-by-State
Breakdown of Costs for a Gallon of Gas
Drivers React to Gas Prices

CAMARILLO, Calif. (AP) -- The average price of regular grade gasoline has fallen nationally to $2.20 per gallon, a drop of 6 cents over the past two weeks.

Industry analyst Trilby Lundberg updated the figures Sunday, predicting that prices would continue inching down unless a meeting of oil-producing nations later this month culminates in "a credible agreement to freeze or reduce" production.

A seasonal weakness in demand was one reason behind the early-November decline. Lundberg cited another influence: With autumn maintenance projects wrapping up, U.S. refiners are increasing supplies.

Those factors combined to create the drop in average prices, despite a small rise in crude oil prices.

Gas in San Diego was most expensive in the continental U.S., at $2.73 on average. The low average was in Tulsa, Oklahoma, at $1.78 per gallon.

© 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.



Latest News