Gas Prices Drop Again, Down 6.44 Cents Over Two Weeks
May 4, 2003 at 11:30 PM CDT - Updated June 21 at 2:46 PM
Camarillo, California-AP -- An industry report shows the third straight two-week drop in gasoline prices.
The Lundberg Survey of eight-thousand gas stations indicates the average price for gas nationwide is a dollar-58 per gallon. That's a six-cent per gallon drop over the past two weeks as crude oil prices continued to fall in the wake of the Iraq war.
Oil prices have been dropping because the war did not result in the destruction of Iraqi oil fields.
Analyst Trilby Lundberg says crude oil prices had several dollars extra per barrel built in prior to the war because Iraq had threatened to destroy its own oil resources. Since that didn't happen, Lundberg says the response of the oil market was a price crash.
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