Gas prices continue to drop

Oct 27, 2014 5:31 PM by News Staff

In Chico the average price of a gallon of gas has fallen 10.5 cents in the past week, to an average of $3.05 a gallon.

A national survey of gas prices reports that the average cost of U.S. regular grade gas dropped 18 cents per gallon in the last two weeks. In Chico prices have fallen 32 cents in the last month.

Industry analyst Trilby Lundberg said Sunday that the average for regular grade gas in the United States is $3.08 per gallon, while midgrade averages $3.31 and premium $3.47. Retail diesel averages $3.67.

Lundberg said the price has dropped 65 cents since its peak in May and is 29 cents below what it was last year.

She said the drop has been driven by a decrease in the price of crude oil. She forecasts minimal further cuts if prices remain stable.

In the Lower 48 states, San Francisco had the highest average price at $3.45 per gallon, while Memphis, Tennessee, had the lowest average at $2.73.

The Associated Press Contributed to this report


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