Gas Prices Fall to Lowest Level in Nearly 4 Years

By Ashley Lau

NEW YORK -- The average price of a gallon of gasoline in the United States dropped 13 cents in the past two weeks to its cheapest in nearly four years, according to the latest Lundberg survey released Sunday.

Gasoline prices fell to $2.94 a gallon of regular grade gasoline, its lowest level since December 2010, according to the survey conducted on Nov. 7.

The decline in price is largely driven by lower crude oil prices, which declined further during the period, said Trilby Lundberg, publisher of the survey.

"Crude oil dominates what gasoline prices are and what gasoline prices will do," Lundberg said, noting that the direction of crude oil prices in the coming weeks and months will dictate whether gasoline prices will continue to fall further or begin trending upward. "If they don't decline further, then this will be the end or nearly the end of this very steep price drop," she said.

The gasoline price is down about 28 cents from a year ago, and has dropped 78 cents from a 2014 peak of $3.72 in May.

The highest price within the survey area was recorded in San Francisco at $3.27 a gallon, with the lowest in Memphis at $2.65.