Survey: Gas prices drop seven cents - WMC Action News 5 - Memphis, Tennessee

Survey: Gas prices drop seven cents

CAMARILLO, Calif. (AP) - The Lundberg Survey says the national average price for gasoline dropped seven cents in the last three weeks. It's the first decline since January.

Analyst Trilby Lundberg says the US average for self-serve, regular-grade gasoline was $3.11 per gallon as of Wednesday. That's down from $3.18 in the last national survey May 18th.

Lundberg says the modest relief came thanks to a boost in imports of gasoline from foreign producers lured by record-high prices.

Lundberg, however, says the latest numbers don't portend any dramatic price drops. Despite the recent sag, prices still are up 93 cents since the start of 2007.

Chicago had the nation's highest gasoline prices, at $3.61 per gallon for regular. Jackson, Mississippi, with regular gasoline selling for an average of $2.87 a gallon, had the nation's lowest average.

(Copyright 2007 by The Associated Press.  All Rights Reserved.)      

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