Lundberg survey says gas prices fall as refinery output rises
The average price for regular gasoline at U.S. pumps dropped 9.04 cents in the two weeks ending Friday, July 25 to $3.5795 a gallon, according to Lundberg Survey Inc. It’s based on information obtained at about 2,500 filling stations by the Camarillo, Calif.-based company. Prices are 9.51 cents lower than a year ago and are at the lowest level since March 21, the survey showed.
Plants are taking advantage of the U.S. shale boom, which has raised oil production 65 percent in the past five years. The increased output has pushed the settlement price of U.S. benchmark West Texas Intermediate futures below European Brent every day since Aug. 17, 2010.
Gasoline stockpiles increased 3.38 million barrels to 217.9 million, according to the Energy Information Administration (EIA), the Energy Department’s statistical arm. Demand over the four weeks ending July 18 was 8.988 million barrels a day, 0.6 percent below a year earlier.
Crude inventories in the U.S. fell for the fourth straight week, dropping 3.97 million barrels to 371.1 million in the seven days ended July 18, EIA data show.
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