Price of a gallon of gas slips a penny

Sunday, January 27th 2002, 12:00 am
By: News On 6

CAMARILLO, Calif. (AP) _ Gas prices fell nearly 1 cent a gallon nationally in the past two weeks as the low demand typical of January met with ample supplies.

Prices Friday at about 8,000 gas stations nationwide averaged $1.11 a gallon for self-serve regular, compared with $1.12 a gallon two weeks ago, analyst Trilby Lundberg said Sunday.

The weighted price per gallon for all grades and taxes was $1.14, down 0.97 cent per gallon from Jan. 13, the date of the last Lundberg survey.

The dip came after a 3-cent price hike recorded two weeks ago _ the first increase since Sept. 11. Between Sept. 7 and Dec. 21 prices plummeted nearly 45 cents a gallon.

``Just because it moved down a penny in the past two weeks doesn't mean we're heading for another crash,'' Lundberg said. ``The price is very low historically and the trend is more likely to be flat or rising moderately.''

A year ago, motorists were paying $1.53 a gallon for gas. January is traditionally the lowest-demand month of the year.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.21 for mid-grade and $1.30 for premium.