Nov. 5 - U.S. retail gasoline prices post their biggest fall in nearly 4 years to an average of $3.54 a gallon, according to the Lundberg Survey. Conway G. Gittens reports.
Today's daily digit is $3.54. This is the average price of a gallon of regular unleaded gasoline in the U.S. as of November 2nd. That's a near 21-cent drop, from the last time the survey was taken on October 19th, when drivers were paying $3.75 at the pump. According to the closely watched Lundberg Survey, that was the biggest drop since 2008. Reasons? Lower crude oil prices, a big price drop in pump prices in California and, Super Storm Sandy. Yes. That's right, Super Storm Sandy. Even though the lines for gas are long after Sandy slammed into the East Coast, purchases are down because many people simply could not get to fuel. Those who ventured out discovered their local gas station has either not received a new shipment of supply or can't pump gas in or out due to lack of electricity. With nerves frayed and tempers running hot - local gas station owners are also reluctant to raise prices in fear of being accused of price gouging. Looking to the other coast, pump prices in California fell over the past two weeks after an extreme price increase a month ago because of refinery problems.