Gas Prices Continue Their Downward Slide

Gas Prices Continue to Their Downward Slide
Daniel Acker/Bloomberg via Getty Images

By Luciana Lopez

NEW YORK -- The average price of a gallon of gasoline fell 6 cents in the past two weeks as crude prices have continued a broad decline, according to the Lundberg survey released on Sunday.

Prices fell to an average of $3.52 per gallon for regular grade gasoline, according to the survey conducted Aug. 8. That extends a decline in prices to seven weeks, survey publisher Trilby Lundberg said.

"It is lower crude oil prices that bring this lower pump price," Lundberg said. "Crude oil is the overwhelmingly most important factor both in the price of gasoline and in directional price move."

The average price for gasoline is now about 8 cents lower than a year ago.

The San Francisco Bay area had the highest price within the survey area at $3.95 a gallon for regular while the lowest price was in Jackson, Mississippi, where regular grade cost $3.19 a gallon.