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Gas prices drop as demand tapers off

Gerald Herbert / AP

Gas prices are displayed at a gas station and mini-mart in the Mid City section of New Orleans in New Orleans. Gasoline prices averaged $3.7529 per gallon on Oct. 19, down from $3.8375 on Oct. 5.

The average price for a gallon of regular gasoline in the United States fell more than 8 cents during the past two weeks, weighed down by the drop in crude oil prices and low seasonal demand, according to a widely followed survey released on Sunday.

Gasoline prices averaged $3.7529 per gallon on Oct. 19, down from $3.8375 on Oct. 5, Trilby Lundberg, editor of the Lundberg Survey, said. This came after a month-long period when gas prices averaged around the $3.83 per gallon price, she added.

U.S. crude futures have dropped from September highs above $100 per barrel, contributing to the slide in gasoline prices, and last Friday, they ended at $90.14 per barrel, down more than 2 percent.

Lundberg said further declines in retail gas prices are expected if the cost of crude oil does not rise substantially. She added that in California, gasoline prices could have a "dramatic crash" after refinery problems caused a spike two weeks ago.

Average prices at the pump in California fell 2.95 cents to $4.46. Two weeks ago, drivers there were paying about $4.49.

The highest prices for regular gasoline recorded in the Oct. 19 survey were in San Francisco at $4.50 a gallon, while the drivers in Tulsa, Oklahoma, were paying the least at $3.26 per gallon.

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Discussing whether lower gas prices are on the horizon, with CNBC's Jackie DeAngelis and "Futures Now" team, Rich Ilczyszyn at the CME, and Anthony Grisanti at the Nymex.