Gasoline prices lowest since February 2004

NEW YORK (Reuters) – The average price for a gallon of gasoline in the United States fell 5 percent from two weeks earlier, hitting its lowest level since February 2004, according to the nationwide Lundberg survey released on Sunday.

The national average for self-serve, regular unleaded gasoline was about $1.6622 a gallon on December 19, down some 9.04 cents from two weeks earlier, according to the nationwide Lundberg survey of 5,000 gas stations in metropolitan areas.

That is less than half what consumers paid in July when the average price reached an all-time high of $4.11 a gallon. It is also $1.31 per gallon less than the average price paid this time a year ago.

High gas prices over the past year have crimped demand, hurting producers and retailers, but the economy will get a boost from the drop in prices, survey editor Trilby Lundberg told Reuters.

“It is extremely healthy that we have had a crash, which will help (economic) recovery,” she said.

Reuters