Reuters: U.S.: U.S. gas prices come down for first time since July

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U.S. gas prices come down for first time since July Sep 23rd 2012, 20:02 Tweet Share this Email Print Related News Oil rises for second day as supply concerns mount Fri, Sep 21 2012 Brent crude jumps back above $110, halts three-day slide Thu, Sep 20 2012 UPDATE 11-Oil dives as supply rises, Saudi talk spooks funds Wed, Sep 19 2012 Oil down a second day on economic concerns, Saudi pressure Tue, Sep 18 2012 Oil prices push higher as Fed stimulus supports Fri, Sep 14 2012 A gas nozzle is used to pump petrol at a station in New York February 22, 2011. Credit: Reuters/Shannon Stapleton Sun Sep 23, 2012 3:11pm EDT (Reuters) - Gasoline prices in the United States dropped four-tenths of a cent over the past two weeks as crude oil prices fell, ending seven weeks of price increases, according to a widely followed survey. The national average price of a gallon of regular gasoline was $3.8338 on September 21, down from $3.8376 on September 7, according to Trilby Lundberg, editor of the Lundberg Survey, which covers some 2,500 gas stations nationwide. While the decline is small enough to be considered "no change," it ends a seven-week run of gas price increases dating to July 27, when the average gallon of gas cost $3.51, Lundberg said on Sunday. The change was spurred by a fall in crude oil prices caused in part by signals that Saudi Arabia may be willing to supply more oil to the market to lower prices, Lundberg said. The news could portend a period of price stability assuming relative status quo in crude oil prices. "Margins on gasoline for refiners and retailers are not only positive but comparatively healthy, so there is no disadvantage at the moment for the industry to withhold a price cut," Lundberg said. Continued economic struggles in the United States and Europe, as well as an economic slowdown in China, the world's No. 2 oil consumer, also played a role in weakening demand, she said. The end of the high-consumption summer months brought about lower demand, while the resolution of issues at some U.S. refineries increased supply, Lundberg added. According to the survey, Chicago has the priciest gas at an average of $4.25 a gallon, while drivers in Jackson, Mississippi, pay the lowest average price of $3.52. (Reporting By Nick Brown; Editing by Maureen Bavdek) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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