Originally created 07/14/97

Gas prices drop another penny



LOS ANGELES (AP) - Gasoline prices dropped another penny at the pump but the yearlong decline may be nearing an end, an industry analyst said Sunday.

The average retail price of gasoline nationwide, including all grades and taxes, was about $1.241/2 cents on Friday, down a bit more than a penny per gallon from two weeks earlier, according to the Lundberg Survey of 10,000 stations nationwide.

Prices have dropped nearly 6.5 cents per gallon since the beginning of the year, a continuous drop broken by just a single increase in May.

The price on Sunday was more than 8 cents lower than the average of $1.33 per gallon recorded for July 12, 1996.

But prices may start edging up soon, warned oil industry analyst Trilby Lundberg.

For one thing, retailers pretty much have passed on to customers the savings from lower crude oil prices earlier in the year, she said. Some wholesale markets also are showing price increases.

At self-service pumps, the average nationwide price of gasoline, including taxes, was $1.1907 for unleaded regular, $1.2928 for mid-grade and $1.3745 for premium.

At full-serve pumps, regular was $1.5682, mid-grade was $1.6532 and premium was $1.7223.