“The crude oil price crash has been passed through by refiners,” Trilby Lundberg, the president of Lundberg Survey said. “Retailers will probably be pressed to pass through at the pump a few more pennies of price-cutting sometime soon.”
The highest price for gasoline in the lower 48 states among the markets surveyed was in San Francisco, at $3.45 a gallon, Lundberg said. The lowest price was in Memphis, Tennessee, where customers paid an average $2.73 a gallon. Regular gasoline averaged $3.33 a gallon on Long Island, New York, and $3.39 in Los Angeles.
West Texas Intermediate crude, the U.S. benchmark priced in Cushing, Oklahoma, declined $4.81, or 5.6%, to $81.01 a barrel on the New York Mercantile Exchange in the two weeks to Oct. 24. It dipped below $80 on Oct. 16 for the first time since June 2012.
U.S. oil output was 8.95 million barrels a day the week of Oct. 10, the most since 1985. U.S. production has increased about 66% in the past five years as companies have used horizontal drilling and hydraulic fracturing to tap into hydrocarbon-rich layers of underground shale rock.
Source: Transport Topics