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Old 06-13-2004, 11:07 PM
kris kris is offline
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Join Date: Aug 2002
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Default Average gas prices drop more than 6 cents

CNN) -- Reversing a steady climb that began late last year, average gasoline prices dropped more than 6 cents during the past three weeks but remained above $2 per gallon, a national survey found Sunday.

The Lundberg Survey of about 7,000 gas stations found that the average cost of a gallon of self-serve regular gasoline was $2.01 on Friday, down 6.48 cents from May 21.

"It's a dramatic turnaround," Publisher Trilby Lundberg told CNN.

She credited lower crude oil prices in the wake of OPEC's decision to increase oil production next month.

At a meeting June 3 in Beirut, Lebanon, OPEC had agreed to a plan that will raise oil production by 2 million barrels a day starting July 1.

Saudi Oil Minister Ali al-Naimi told CNN at the time of the meeting that the 11-nation cartel also agreed to add another 500,000 barrels per day August 1.

Lundberg also noted that refiners have completed preparations to meet the high demands for gas during summer.

Still, she said further significant drops this summer are unlikely.

"I think, at this time, the retail gas price prospects are more likely to be 'steady as she goes,' " with only small price changes expected in either direction.

Drivers in Tulsa, Oklahoma, paid the least, at $1.75 per gallon; their counterparts in San Francisco, California, paid the most, at $2.32 per gallon.
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