WASHINGTON, July 24 (UPI) -- U.S. gasoline prices fell an average 9.1 cents to $2.958 a gallon, the U.S. Energy Department said leading analysts to say the drop may be a trend.
The drop last week is well below the 2007 high mark of $3.211 recorded May 21 and 4.5 cents below the same week a year ago.
"Barring a hurricane in the Gulf (of Mexico), it looks like the worst is over," Oil Price Information Service Chief Analyst Tom Kloza told the Los Angeles Times.
The decline was based in part on the resumption of production at an important oil facility in Angola, analysts said.
The drop may continue after officials of the Organization of the Petroleum Exporting Countries said oil prices above $60 to $65 a barrel were too high.
The cartel might boost production to lower crude prices, the officials said.
"That's an important change of rhetoric from the cartel," Alaron Trading Corp. Senior Market Analyst Phil Flynn told the Times. "That sudden change was the big news in oil markets."