Gas Prices Slide to 4-Year Low as Holiday Travel Looms

Climate Change California
Rich Pedroncelli/AP

By Caroline Humer

The average price of a gallon of gasoline in the United States dropped 10 cents in the past two weeks, hitting a four-year low, according to the latest Lundberg survey released Sunday.

Gasoline prices fell to $2.84 a gallon of regular-grade gasoline, the lowest level since November 2010, said the survey conducted Friday.

The decline in price was driven by lower crude oil prices, said Trilby Lundberg, publisher of the survey.

"Circumstances continue to favor low oil prices," Lundberg said, adding the oil supply remained very abundant and that the stronger dollar helped. "For months now it has been crude oil leading the price down."

The gasoline price is down about 41 cents a gallon from a year ago and has dropped 88 cents from a 2014 peak of $3.72 in May.

The highest price within the survey area within 48 U.S. states was recorded in San Francisco at $3.14 a gallon, with the lowest in Albuquerque, New Mexico, at $2.47 a gallon.

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