Average US price of gas drops 1 penny per gallon to $2.65

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CAMARILLO, Calif. -- The average U.S. price of regular-grade gasoline has dipped 1 penny per gallon (3.8 liters) to $2.65 over the past two weeks.

Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that further cuts to retail gas prices are unlikely because crude oil costs are on the rise.

The price at the pump is 14 cents higher than it was a year ago.

The highest average price in the nation for regular-grade gas is $3.74 per gallon in San Diego.

The lowest average is $2.14 in Tulsa, Oklahoma.

The average price of diesel is $3.06, down a penny.

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