Gas prices moved lower during January as retailers passed to consumers savings from lower crude-oil prices. The latest Lundberg survey of 13,500 gasoline service stations nationwide conducted Jan. 25 found the average price of a gallon of gasoline was $1.30, about 3 cents a gallon lower than it was in a Jan. 11 survey.
``The drop is in response to generally lower crude oil prices,'' said Trilby Lundberg, publisher of the survey. ``The futures market has been very volatile, but generally the direction [of gasoline prices] has been down. The same is true for crude oil in the spot markets, which affects the wholesale price of gas, so retailers have been able to pass the savings on to consumers.''
Lundberg said there has been a general slide in pump prices since they peaked on Oct. 19. However, prices are still 12.64 cents a gallon higher than they were prior to Iraq's Aug. 2 invasion of Kuwait.
The composite price of gas in the survey is combines the price of regular and unleaded gas at full- and self-service pumps, including tax.
The survey found that regular unleaded at self-service pumps, the most popular fuel grade, was $1.18 a gallon. Self-service premium unleaded was $1.34 and regular leaded gasoline was $1.16. At full-service pumps, regular unleaded gasoline was $1.46, premium unleaded was $1.60, and regular leaded was $1.46.