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Prices at the pump dropped more than a dime over the past two weeks, according to a survey published Sunday.

The average price of a gallon of self-serve regular gasoline is $2.55, the Lundberg Survey found — a decline of 10.4 cents from June 26.

The decline was the first two-week drop since March, when prices went down a penny, said survey publisher Trilby Lundberg. It was the largest two-week decline in gas prices since early December.

It can be traced to rapidly dropping crude oil prices during the same period, Lundberg said. A year ago, on July 11, 2008, gas prices were a record-setting $4.11 per gallon — $1.56 above this week’s price, she said.

The current price is the result of a global oversupply of crude oil and petroleum due to eroding demand in the ailing economy, she said.

"The recent drop … comes directly from lower oil prices. We can expect further price cuts at the pump going forward — maybe huge ones — in the coming weeks" depending on crude oil prices and the unemployment rate, Lundberg said cash advance.

The city with the lowest average price in the survey was Wichita, Kansas, with $2.26 for a gallon of self-serve regular. The highest was Honolulu, Hawaii, at $3.20.

Here are the average prices in some other cities:

• - Charleston, South Carolina — $2.36
• - Houston, Texas — $2.37
• - Atlanta, Georgia — $2.42
• - Baltimore, Maryland — $2.48 - Billings, Montana — $2.59
• - Salt Lake City, Utah — $2.61 - Portland, Oregon — $2.68
• - San Francisco, California — $2.94
• - Boston, Massachusetts — $2.61

 

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