US petrol prices slide to a 4-year low: Lundberg survey

[NEW YORK] The average price of a gallon of petrol in the United States dropped 10 cents in the past two weeks, hitting a four-year low, according to the latest Lundberg survey released on Sunday.

Petrol prices fell to US$2.84 per gallon of regular-grade petrol, the lowest level since November 2010, said the survey conducted on Friday.

The decline in price was driven by lower crude oil prices, said Trilby Lundberg, publisher of the survey. "Circumstances continue to favor low oil prices," Lundberg said, adding the oil supply remained very abundant and that the stronger dollar helped. "For months now it has been crude oil leading the price down."

The petrol price is down about 41 cents a gallon from a year ago and has dropped 88 cents from a 2014 peak of US$3.72 in May.

The highest price within the survey area within 48 US states was recorded in San Francisco at US$3.14 per gallon, with the lowest in Albuquerque, New Mexico, at US$2.47 per gallon.

REUTERS