U.S. gas price slips to $1.86 per gallon

The average U.S. retail price of gasoline fell slightly over the last two weeks to about $1.86 a gallon, restoring a trend of declines after a modest increase late last month, according to the nationwide Lundberg survey of about 7,000 gas stations released Sunday.

Survey editor Trilby Lundberg said prices should continue their slide in the coming weeks as increasing oil supplies push fuel prices lower.

The national average for self-serve regular gasoline was nearly $1.86 a gallon in the two weeks surveyed through Friday, Sept. 10, down about 2 cents per gallon from the previous survey.

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The average price has plunged more than 20 cents per gallon since reaching a peak of $2.07 on May 21, according to the latest survey. By region, prices were lowest in Jackson, Mississippi at $1.68 per gallon and highest in Honolulu, Hawaii at $2.62 per gallon.

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The average price is about 14 cents per gallon higher than it was one year ago. At the same time, oil prices have come off highs seen in August, with crude oil closing nearly $2 lower on Friday at $42.81 a barrel at the New York Mercantile Exchange.

“The most powerful factor here has been lower crude oil prices that have resulted from a better balance between supply and demand in the world,” Lundberg said. “Unless there should be a physical shortage for any reason ... gasoline (price) stability or further declines can be expected.”