Survey: Price of gasoline falls in U.S.
BY BARBARA POWELL and JEREMY VAN LOON, Bloomberg News
The average price for regular gasoline at U.S. pumps fell 5.56 cents a gallon in the past two weeks to $3.7394 a gallon, according to Lundberg Survey Inc.
The survey covers the period ended March 8 and is based on information obtained at about 2,500 filling stations by the Camarillo, Calif.-based company.
The average has risen about 48 cents since Dec. 21, 2012, and is about 8 cents below the year-earlier price of $3.8148 a gallon.
Gasoline futures on the New York Mercantile Exchange rose 12.39 cents, or 4 percent, to $3.2035 a gallon in the past two weeks.
Futures have climbed 14 percent this year, making gasoline the second-best performer on the Standard & Poor's GSCI index of 24 commodities after cotton.
U.S. gasoline stockpiles fell 616,000 barrels in the week ended March 1 to 227.9 million, the lowest level in nine weeks, according to data from the Energy Information Administration. Refineries ran at 82.2 percent of capacity, the lowest level since March, amid breakdowns and seasonal plant maintenance.
The highest price in the lower 48 U.S. states among the markets surveyed was in Los Angeles, where the average was $4.23 a gallon, Lundberg said.
The lowest price was in Billings, Mont., where customers paid an average of $3.31 a gallon.