The Lundberg Survey reposts that this is gas’ first two-week price drop since March when prices went down by only a penny.

Rapid drop in crude oil prices are to credit for affecting prices at the pump. Global demand has eased due to the effects of the global financial crisis. A further drop is expected as petroleum demand and crude prices continue to ease.

Spiking near the $3 mark, many feared that the prices might climb to near record-highs of $4.11 per gallon from exactly a year ago.

The current price is the result of a global oversupply of crude oil and petroleum due to eroding demand in the ailing economy, she said.

Lowest price at the pump in the survey is at $2.26 in Wichita, Kansas and highest is at Honolulu, Hawaii at $3.20.

The deal, which would create a giant in the midstream energy sector, comes as values for the tax-friendly master limited partnerships rebound from a selloff that saw many of them lose more than half their value last year.

Enterprise will pay $31.36 per Teppco unit which bears a 9.3% premium over the Friday’s closing price. Enterprise’s initial takeover bid only amounted to $2.75 billion.

With the alliance, Enterprise would take control of 48,000 miles of oil and natural gas pipelines, 200 million barrels of oil, petroleum products and natural gas liquids storage. This positions Enterprise to be leading player in the energy sector.

Source: CNN