Average pump prices of gasoline have dropped under $1 a gallon for the first time since early July after a fall of almost half a penny in the past two weeks.
The Lundberg Survey of 12,000 gas stations nationwide showed the average retail price of gasoline was 99.61 cents on Dec. 2, industry analyst Trilby Lundberg said Sunday."There could be some further price slippage," she said.
The price reflects a stable wholesale market that saw little change in prices despite last week's agreement by members of the Organization of Petroleum Exporting Countries to curb production, which boosted crude oil prices on the spot market.
"OPEC discussions don't, in and of themselves, alter supply and demand," Lundberg said. "So as a result, the average wholesale for the nation last week showed virtually no change at all."