World petroleum have begun to ease and so have the prices at the pump. Pump gas prices have gone down by 10.4% over the past two weeks to an average of $2.55. This is self-serve’s biggest price drop in a two-week span since December of last year.
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.
