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Gas prices have dropped 9 1/2 cents in the past two weeks as available supplies continue to grow, a new survey indicates.
The average price of gasoline, including all grades and taxes, fell to $1.63, down 9.46 cents per gallon since June 8, according to the Lundberg Survey of 8,000 stations nationwide. Prices have dropped 13 cents this month alone, and the market suggests further declines are a "strong possibility," analyst Trilby Lundberg said.
Prices declined nationwide, but fell most sharply in the Midwest, which saw a 21-cent-a-gallon drop. Lundberg said prices are falling in part because gasoline supplies and refining capacity are rising, though demand tends to be strong during the summer as people drive to their vacation destinations.
The average price of gasoline, including taxes, at self-serve pumps was about $1.59 a gallon for regular unleaded, $1.69 for midgrade and $1.78 for premium. At full-serve pumps, the average was $1.98 for regular unleaded, $2.06 for midgrade and about $2.14 for premium.