Gas drops to lowest price in 2 months

By Heather Wilson, CBS MarketWatch.com
Nov. 7, 2004

SAN FRANCISCO (CBS.MW) - The average price of gasoline fell nearly 3 cents per gallon for the first time in two months, according to a national survey released Sunday.

The Lundberg Survey, which tracks prices at 7,000 stations across the country, found that in the past two weeks prices for regular gas dropped to an average of $2.01 per gallon as of Nov. 5, down from $2.04 a gallon on Oct. 22, according to media reports.

Trilby Lundberg, publisher of the survey, credited the decline to decreased crude oil prices, increased production by OPEC and partial recovery of U.S. oil producing facilities in the Gulf of Mexico that had been damaged by recent hurricanes.

San Diego led the country with the highest gas price at $2.40 a gallon, while Tulsa, Okla. saw the lowest price at $1.74 a gallon, according to the survey.

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