Monday, July 24, 2000

Gas prices dive in Midwest

The Associated Press

        CAMARILLO, Calif. — The average price of gas fell 17 cents a gallon in the Midwest over the past two weeks, driving the nationwide average down by 6 cents a gallon to $1.60.

        The sharp drop in the Midwest resulted from the oil industry overcompensating in an attempt to bring price relief to that part of the country, analyst Trilby Lundberg said Sunday.

        Nationwide, prices at the pump continued to decline from their highs in early June. The average price of a gallon of gas was $1.60 Friday, down from $1.66 during the last survey two weeks before, according to the Lundberg Survey of 10,000 stations.

        In Chicago, which had the highest prices in the country in June, the cost of a gallon of gas is now just 1 cent over the nationwide average, even figuring in the city's higher-than-average taxes, Mr. Lundberg said.

        Gas prices there have plummeted 55 cents a gallon since early last month.

        “The shortage in the Midwest due to the rollout of a new anti-smog formula on June 1 is over,” Mr. Lundberg said. “It was a frenzied rush by the oil industry to bring supply relief.”


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