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Gas Prices Drop as Oil Supply Increases

November 11, 2004
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NOVEMBER 09, 2004 -- CAMARILLO, Calif. -- An industry analyst said an increase in the worldwide supply of crude oil contributed to a dip in U.S. prices at the gas pump over the last two weeks, according to the Associated Press.

Between Oct. 22 and Nov. 5, the combined national average price for all grades of gasoline dropped to $2.04, down 2.6 cents from the previous two weeks, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations across the country.

The biggest seller, self-serve regular, had an average national price of $2.01 per gallon, down 3 cents. Mid-grade was $2.11 a gallon, down 12 cents, while premium was $2.21 per gallon, down 7 cents.

Of the cities surveyed, San Diego again led the nation in pump prices, with the average price for a gallon of self-serve regular at $2.40. The lowest was Tulsa, Okla., where the average price for self-serve regular was $1.74.

Lundberg said the drop in prices could be attributed to an increased supply of crude oil. She said OPEC nations increased production after crude oil spiked to $55 per barrel several weeks ago, while production off Florida's Gulf Coast had recovered somewhat after a series of devastating hurricanes. "The most likely prospect for prices is further cuts," Lundberg said.

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