NEW YORK Reuters – The average price of a gallon of gasoline in the United States recorded its largest drop ever as consumer demand continued to wane and oil prices slid, a prominent industry analyst said on Sunday.
The national average price for self-serve, regular unleaded gas fell 35.03 cents to $3.3079 a gallon on October 10 from $3.6582 two weeks earlier, according to the nationwide Lundberg Survey.
It was the lowest national average price since March 21, 2008. Since peaking at $4.1124 on July 11, the average cost of a gallon of gas has receded by 80.45 cents. Diesel fuel fell 21 cents to $3.95 a gallon, the first time since March that it has been below $4.00 a gallon.
“Plummeting oil prices and caving gasoline demand have combined to bring the biggest retail gasoline price cut in the history of the market,” Trilby Lundberg, who compiles the survey, said in an interview. “We’ve been doing this 58 years. This is truly the biggest price drop.”