CAMARILLO, Calif. -- Prices of regular grade gasoline at the pumps averaged $3.8452 per gallon on May 4, down 6.75 cents from two weeks ago, according to the most recent Lundberg Survey (www.lundbergsurvey.com) of approximately 2,500 U.S. gas stations.
The total retail price drop since prices peaked one month ago: 12.19 cents.
More good news, the current price is 15.46 cents below its year-ago level, affording some encouragement to motorists, especially the underemployed. One year ago was 2011's peak price, $3.9998 on May 5.
Both refiner and retail margins on gasoline are robust. And gasoline demand growth is showing signs of life. Retailers on average managed to hang on to nearly all the margin they had on April 20; margin is now 19.36 cents on regular. Refiner margin on gasoline gained a bit. Not all of the oil price cuts have made their way through into gasoline.
If WTI crude stays at around $98.50 from here, pump prices will probably slide a few more cents. But crude oil price's next step is unknowable.
Camarillo, Calif.-based Lundberg Survey Inc. is an independent market research company specializing in the U.S. petroleum marketing and related industries.
Click here for previous Lundberg Survey reports in CSP Daily News.
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