Average US gas price drops 10 cents to $4.27 per gallon

CAMARILLO, Calif. (AP) – The average U.S. price of a gallon of regular-grade gasoline dropped 10 cents over the past two weeks to $4.27 per gallon.

Oil industry analyst Trilby Lundberg says the pump price as of Friday was $1.32 higher than a year ago. Nationwide, the highest average price for regular-grade gas was in Los Angeles, at $5.85 per gallon.

The lowest was in Tulsa, Oklahoma, at $3.52 per gallon. Lundberg says higher prices reduced demand during the second half of March.

However, the drop isn’t predictive of further declines because among other things, the global oil supply remains tight, despite releases from strategic reserves.