The average U.S. price of a gallon of regular-grade gasoline dropped 10 cents over the past two weeks to $4.27 per gallon
The price at the pump was $1.32 above what it was one year ago, according to the Lundberg Survey taken Friday.
According to the survey, the average price of diesel was $5.13 per gallon, down 10 cents over two weeks. However, the drop isn't predictive of further declines because among other things, the global oil supply is tight due to a dip in output last month by OPEC, Lundberg said. In a bid to reduce spiking energy prices, President Joe Biden last month ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months.
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