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CNN Live Sunday

Lundberg Survey Says Gas Prices Dropping

Aired June 24, 2001 - 16:04   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BRIAN NELSON, CNN ANCHOR: Good news for drivers. The average price for a gallon of regular gasoline across the country has dropped nearly ten cents. This, over the past two weeks. The good news was compiled by the Lundberg Survey, which looks at gas prices around the country. And for details now, we are joined on the phone by Trilby Lundberg.

Trilby, how did this happen?

TRILBY LUNDBERG, LUNDBERG SURVEY: Hello.

It happened in a reversal of our April conditions of tight supply. There's plenty of gasoline right now and the prices are dropping.

NELSON: How much -- has this been uniform across the country at about nine cents?

LUNDBERG: No, it's been mostly a lot more in the Midwest, where prices had boomed. Actually, it is the opposite of one year ago. Last June, we had rising prices and tight supply. Now we have loose supplies and falling prices exactly one year later.

NELSON: I understand, if I recall correctly, the problem that was cited when gas prices went up was, we had limited refining capability. How does correct itself in the space of a month or two?

LUNDBERG: Well, it wasn't a new construction built. That's for sure. What was meant by that, I think was that, although our capacity was being used to the max, supplies were still tight. But stocks have built up and a little bit of gasoline imports did help as well. And we're barely into the first month, first month of three months of the driving season. So, prices are lower by the way now than they were a year ago by about 7 1/2 cent.

NELSON: That's remarkable. Now, how long do you think this low price scenario will last? Is it going to start climbing in a few weeks again?

LUNDBERG: It's more likely that prices would be more or less where they are now or perhaps somewhat lower. They're already 7 1/2 cents below what they were a year ago, and the conditions look like more of the same.

NELSON: Trilby Lundberg, thank you for the good news. We appreciate it.

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