U.S. gasoline prices down 11 cents a gallon-Lundberg

Sun Jun 13, 2010 6:30pm GMT
 

* Gasoline prices fell 11.26 cents to $2.72/gallon-survey

* Continued imbalance between supply and demand

NEW YORK, June 13 (Reuters) - The average price for a gallon of gasoline in the United States fell about 11 cents in the last three weeks, according to the latest Lundberg survey.

The national average for self-serve, regular unleaded gasoline was about $2.72 a gallon on June 11, down 11.26 cents per gallon since the last survey on May 21, the nationwide Lundberg survey of U.S. gas stations showed.

Gas prices have now fallen for five weeks since hitting a 19-month high of $2.92 in early May. The five-week drop of 20 cents from that high is notable, survey editor Trilby Lundberg said, noting it reflects the imbalance between supply and demand.

"Demand is down due to under employment," Lundberg said. "We continue to have high stocks of gasoline."

Of the cities surveyed, San Francisco Bay area drivers paid the most for a gallon of self-serve, regular unleaded gas at $3.10, while the lowest average price was $2.43 a gallon in Jackson, Mississippi. (Reporting by Elinor Comlay, editing by Maureen Bavdek)

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