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NEW YORK (Reuters) – The average retail price of a gallon of gasoline in the United States cost 2.03 cents less last week than two weeks before, but prices are set to move up as crude oil prices rise, an industry analyst said on Sunday. The national average for self-serve, regular unleaded gas was about $2.7932 a gallon on September 21, down from $2.8135 a gallon on September 7, according to the nationwide Lundberg survey of about 7,000 gas stations. “That’s a very small slip in the U.S. average price. It came from a substantial down correction in the Midwest, where gasoline supplies had been very tight but are normalizing,” survey editor Trilby Lundberg said. Gasoline prices are up about 37 cents per gallon from a year ago, but remain about 39 cents per gallon below the all-time U.S. average high of $3.1827 on May 18, Lundberg said. “The two-cent drop is only an interruption in the upward march for retail gasoline. There’s now well more than a dime waiting in the wings” due to a rise
Gasoline markets exhibited the first signs that an extended rally in pump prices is nearing an end after 52 straight days on the rise. Gasoline futures started falling midweek after a government report showed a huge surplus. Already, wholesale gasoline prices in key markets like the Gulf Coast and Chicago had begun to fade. Should prices continue to fall on the New York Mercantile Exchange, cheaper gas may be on the way for motorists. “Supply won’t be an issue,” said Andrew Lebow, senior vice president and broker at MF Global. “That’s why gasoline futures are dropping. It’s down so sharply that it’s really going to be hard for crude or any of the energy commodities to show gains today.” Gasoline for July delivery fell Friday by 10.5 cents, more than 5 percent, to settle at $1.9244 a gallon. The plunge in gas futures dragged down other energy commodities as well. Benchmark crude for July delivery dropped $1.82 to settle at $69.55 a barrel in light trading as the contract was set to clos
