The average U.S. gasoline pump price fell eight cents in the past two weeks to $2.20 a gallon, the lowest this year, as crude oil prices declined, Trilby Lundberg said, citing her survey of about 7,000 filling stations nationwide.

Prices for regular gasoline have declined 82.5 cents from a record average $3.025 a gallon reached in mid-August as lower demand following the end of the summer driving season has kept inventories above average. Wholesale gasoline futures in New York fell to the lowest since February on Oct. 17.

"The price of crude is truly in flux," Lundberg said in an interview. The Organization of Petroleum Exporting Countries would like to see prices stop sliding but "this is by no means assured," she said.

A report by the U.S. Energy Department on Oct. 18 showed that inventories of the motor fuel for the week ended Oct. 13 fell to 210.1 million barrels.

Supplies declined because refiners often shut units for maintenance in October to prepare for increased production of heating oil in the winter months. Gasoline is drawn from inventories while units are shut. Stockpiles of the motor fuel are 7.4 percent higher than a year earlier and 4.4 percent greater than the five-year average.

Motorists' consumption of gasoline peaks between Memorial Day in May and Labor Day in September.

Oil Futures

Benchmark crude oil futures fell 4.9 percent in the past two weeks to $56.82 a barrel on the New York Mercantile Exchange because of above-average inventories and reduced concern supplies would be reduced because of political tension in the Middle East.

Oil futures rose to a record closing price of $77.03 a barrel on July 14.

Crude oil futures fell to the lowest this year on Oct. 20 on doubts that the OPEC would be able to enforce a 1.2 million barrel a day cut in production announced the same day. OPEC made the reductions because members were concerned high supplies would lower prices. Oil inventories are 14 percent higher than the five-year average.