U.S. gasoline prices fall to $2.56/gallon
* Gasoline prices fall 10 cents per gallon over 2 weeks
* First significant decline since December
* Gasoline prices seen falling more as unemployment weighs
NEW YORK, July 12 (Reuters) - The average price of a gallon of gasoline in the United States fell to $2.56 per gallon over the last two weeks as unemployment hurt demand, sending prices down 38 percent from a record high touched almost exactly one year ago, according to an industry survey.
Gasoline prices may fall even more if the price of crude oil continues to drop and unemployment remains high, said the editor of the survey.
U.S. employers cut far more jobs than expected last month and the government reported on July 2 that the unemployment rate hit 9.5 percent in June, the highest in nearly 26 years. [ID:nN02549309] [ID:nSP476861]
According to the nationwide Lundberg survey of gas stations, Americans are paying about $1.55 less per gallon than they were on July 11, 2008, when the price-per-gallon of gas touched a high of $4.11.
"Demand has been hit by the poor economy," said survey editor Trilby Lundberg. "We have a glut of oil and very, very flush gasoline supplies because demand has been damaged by unemployment." Continued...
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