Gasoline prices declined an average of two more cents a gallon nationwide during the past two weeks but the bottom may have been reached, according to the Associated Press (AP).
Despite the recent decline, gas prices remained 25 cents a gallon higher than they were a year ago, reported the AP, quoting the Lundberg Survey of 10,000 service stations nationwide.
The demand for home heating oil remains strong, which means steep gas price decreases are unlikely, according to market analyst Trilby Lundberg.
As a result of the strong demand for heating oil, crude oil prices continue to be as high as they have been in 10 years.
Gasoline prices usually decline after the end of the summer driving season due to lower demand.
As of Friday (Nov. 17), the average price of unleaded gasoline at self-serve pumps, including taxes, was $1.53 a gallon for regular, $1.63 a gallon for midgrade an $1.72 a gallon for premium.
At full-serve pumps, the average price was $1.89 for regular, $1.97 for midgrade and $2.05 for premium.