CAMARILLO, Calif. (AP) -- U.S. gasoline prices dropped more than 2 cents over the past two weeks, but may have reached the tail end of their price decline, an industry analyst said Sunday.

According to the Lundberg Survey of 10,000 stations nationwide, the average retail price, including all grades and taxes, was $1.0467 per gallon on Friday, down 2.64 cents from two weeks earlier.Prices at self-serve stations were 98.68 cents per gallon for regular; $1.0953 for mid-grade and $1.18 for premium. Price wars in some areas brought it even lower.

The price appears to have bottomed out after a year that saw faltering demand in economies hit by financial woes, and an oil glut that reduced crude oil and gas prices by about 18 cents per gallon, analyst Trilby Lundberg said.

While there were no guarantees because of the volatile world oil market, Lundberg said retail prices "may be stuck in this groove for a while."

"It took a year for this to develop," she said. "Immediate turnarounds in economies in crisis cannot be expected."

On the other hand, "unless we take a world recession scenario far more widespread and deeper than is seen today, then this could be the tail-end of the price cuts," Lundberg said.

Full service prices were $1.4405 for regular, $1.5497 for mid-grade and $1.6024 for premium.

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