CAMARILLO, Calif. (AP) - Retail gasoline prices have fallen two cents in the past two weeks, contributing to a price decrease of more than 16 cents since Sept. 12, according to a national industry report Sunday.
The Lundberg Survey of gas prices for the two weeks ending Oct. 24 found the weighted average retail gasoline price for all grades fell to $1.59, down from $1.61 in Lundberg's Oct. 10 survey.
The drop reflects a continuing decrease since prices peaked in August due to supply problems, and a falloff in crude oil prices in the past two weeks.
In August, during the peak driving season, the East Coast blackouts took several refineries out of commission and a West Coast pipeline was shut down.
OPEC has announced plans to cut production of crude oil by 900,000 barrels per day, which could boost demand and prices for home heating oil, especially if the winter is colder than usual. Crude prices are an important element in gasoline prices.