Gas prices drop on over-supply

  • The average price for a gallon of gasoline has dropped by more than 7 cents in the last two weeks in the United States. 

    Based on the survey of about 2,500 retail stations, the price has dropped from $3.6746 to $3.5985 and it could fall by another few pennies in the coming weeks.  

    According to the editor of the Lundberg survey, the drop was due to the increased supply of motor fuel. He said "refiners have done so well in producing so much gasoline that they actually have hurt their own gasoline profit margins."

    The cheapest gasoline has been found in Charleston, South Carolina while the drivers in San Diego and Chicago paid the most for it. 

    Tagged as: Gasoline prices drop in the U.S., Gasoline, Average price of gasoline per gallon, Business News