Skip to Content

U.S. Gas Prices Have Hit a 4-Year Low

Exxon Mobil Corp. Gas Stations Ahead Of Earnings FiguresExxon Mobil Corp. Gas Stations Ahead Of Earnings Figures

This article is published in partnership with The original version can be found here.

By Elizabeth Barber @ElizabethKateri

The average price of a gallon of regular gasoline in the U.S. has dropped 12 cents over the past two weeks, reaching a four year low, a national survey finds.

Lundberg Survey Inc. said Sunday that the average price of regular gasoline has reached $2.72 per gallon, the lowest price since November 2010, Reuters reports.

Lundberg in part attributed the dramatic fall-off to a spike in crude oil production in North America. The Organization of Petroleum Exporting Countries last month decided not to cut crude oil production to contend with a U.S. shale oil boom that has created a glut on world markets.

Other factors include a slowdown in demand for gas and a strengthening of the U.S. dollar, Lundberg found. The Dollar Index, which tracks the buck’s value against a basket of other major currencies, is now at its highest since 2006.

The most expensive gas in the lower 48 states was in San Francisco, where it goes for $3.04 per gallon. The lowest price was in Albuquerque, where it’s $2.38 per gallon.

(Additional reporting by Fortune Editors)