Gasoline prices drop four cents in two weeks

April 24, 2000
Web posted at: 4:00 a.m. EDT (0800 GMT)

LOS ANGELES (CNN) -- The price of gas at the pump dropped four cents per gallon nationwide in the past two weeks, according to a survey released Sunday.

The average cost of self-serve regular gas was $1.4835 per gallon on April 21, said Trilby Lundberg, publisher of the bi-weekly Lundberg Survey.

This follows a more than two-cent drop in gas prices between March 24 and April 7.

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But prices may not continue to fall because the price of crude oil rose slightly during the same period, Lundberg said.

The highest gas prices were found in San Francisco, where the average price for self-serve regular gas was $1.8436. The lowest prices were in Tulsa, Oklahoma, where a gallon of gas cost $1.2093.

It was the biggest drop since the winter 1998 oil glut.

Last month's decision by the Organization of the Petroleum Exporting Countries to increase production by 1.7 million barrels a day had been expected to result in lower prices this summer.

Strong retail competition helped promote the rapid, street-level drop in prices.

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U.S. Department of Energy
U.S. Energy Information Administration
United States Senate Committee on Energy and Natural Resources
Organization of Petroleum Exporting Countries - OPEC
Interstate Oil and Gas Compact Commission

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