Gasoline prices fell by a third of a cent per gallon in the past two weeks as refineries prepared to comply with new regulations requiring lower-pollution blends of gasoline.
The Lundberg Survey of 10,000 stations across the nation showed the average price of gasoline, including all grades and taxes, was $1.217 a gallon, down
from $1.22 on Nov. 4, Trilby Lundberg said Sunday.The dip represents "high drama in the industry" as refineries unload fuel before a Dec. 1 deadline to have reformulated gasoline in the pipeline for wholesalers, Lundberg said.
The Environmental Protection Agency has required that oxygenated fuel be in place in certain high-pollution regions for sale by Jan. 1. A drop in crude oil prices also contributed to retail price slip, Lundberg said.
The nationwide average retail prices on Friday at self-serve pumps was $1.1498 for regular unleaded, $1.2558 for middle-grade unleaded, $1.3374 for premium unleaded and $1.1957 for regular leaded.
At full-service pumps, the average price was $1.4812 for regular unleaded, $1.5672 for mid-grade unleaded, $1.6394 for premium unleaded and $1.4526 for regular leaded.