Average US gasoline price drops 4 cents to $5.05 per gallon

The average U.S. price of regular-grade gasoline fell by 4 cents per gallon in the past two weeks to $5.05 for regular grade, it was reported Sunday.

It was the first drop in nine weeks and came with a drop in oil prices amid deepening global inflation fears, industry analyst Trilby Lundberg said.

"As lower gasoline prices make their way through distribution to retail, consumers will likely see further declines in coming days," Lundberg said.

The average price at the pump as of Friday was still $1.90 higher than it was one year ago.

Nationwide, the highest average price for regular-grade gas was in the San Francisco Bay Area, at $6.39 per gallon. The lowest average was in Baton Rouge, Louisiana, at $4.39 per gallon.

According to the survey, the average price of diesel rose 3 cents to $5.89 a gallon.