U.S. retail gasoline prices last week fell to their lowest level since early April, a survey said Sunday.
The average price for self-serve, regular unleaded gas in the United States was $2.8714 a gallon on Aug. 25, a 15.42 cent decline off a record high two weeks ago, according to a survey edited by industry analyst Trilby Lundberg.
The drop was the biggest two-week decline since a 20 cent fall on Sept. 23, 2005, when refineries were coming back online after being knocked out by Hurricane Katrina.
The August decline follows a month of increases. Barring unexpected events, further price decreases are likely because stocks of gasoline are high and consumer demand is likely to decrease as the summer driving season ends, Lundberg said.
The decline brought prices to their lowest level since April 7, when gasoline was $2.665 a gallon.
At $2.60 a gallon, Des Moines, Iowa, had the lowest average price for self-serve regular unleaded gas on August 25, while Honolulu, Hawaii, had the highest at $3.23 a gallon.
The nationwide Lundberg Survey looks at thousands of gasoline stations every two weeks.