Gasoline prices fell an average of about 11 cents per gallon in the U.S. over the past two weeks, according to data published by the Lundberg survey.
The survey revealed that the average price of self-serve regular unleaded gas stood at $2.9961 per gallon on June 22–a noticeable drop from the average price of $3.1090 per gallon only two weeks ago.
So far this year, gasoline prices reached an all-time high price of $3.1827 per gallon only five weeks ago. At the time, mid-grade gas averaged $3.11 per gallon and premium gas stood at $3.22 per gallon.
The chief reason for the drop is credited to imports being rushed in during a busy season plagued by refinery shutdowns across the country. Because of this, experts assess that the drop will shortly level off as supply evens out.
The Lundberg survey is conducted over 7000 gas stations all over the U.S. every two weeks.