Drivers spend a penny less at nation’s pumps

By The Associated Press

CAMARILLO, Calif. – The average US price of a gallon of gasoline has dropped about a penny in the past two weeks.

That’s according to the Lundberg Survey of fuel prices, released yesterday, which puts the price of a gallon of regular at $3.62.

The price covers the two-week period ended July 8 and is derived from a survey of about 2,500 filling stations nationwide by Trilby Lundberg, who is based in Camarillo, Calif. Lundberg said prices have dropped more than 38 cents a gallon since May 6.

Recent gains in crude oil prices amid lower demand from consumers have made it a difficult “time for passing through price hikes.’’ And demand, she said, depends “first and foremost on employment.’’

Midgrade costs an average of $3.76 a gallon and premium was at $3.98.

Diesel was up about a nickel, to $3.95 a gallon.

Of the cities surveyed, Phoenix had the nation’s lowest average price for gas at $3.30. Chicago had the highest at $4.03. Boston’s was at $3.72.