Average price of US gas slips a penny, to $2.94 a gallon

MarketsAssociated Press

The average price of regular-grade gasoline in the U.S. fell a penny a gallon over the past three weeks to $2.94.

Industry analyst Trilby Lundberg of the Lundberg Survey said Sunday that the average price is 63 cents higher than it was one year ago.

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Lundberg says prices at the pump may continue to slip slightly, due in part to weak gasoline demand caused by the higher prices.

The highest average price in the contiguous 48 states was $3.74 in the San Francisco Bay Area. The lowest was $2.52 in Baton Rouge, Louisiana.