NEW YORK – Excess supply caused the average price for a gallon of gasoline in the United States to drop 7.61 cents in the last two weeks, Reuters reports.

Gasoline cost $3.5985 per gallon on average on August 9, down from $3.6746 on July 26, according to a Lundberg survey of 2,500 retail locations.

According to Trilby Lundberg, editor of the Lundberg survey, U.S. refiners have kept production capacity high, leading to an increased supply of fuel.

"The supply of gasoline is much more than adequate for demand," Lundberg said. "Refiners have done so well in producing so much gasoline that they have actually hurt their own gasoline profit margins."

Lundberg speculated that prices could drop still further in the coming weeks.