Gasoline prices declining

Los Angeles — Gasoline prices dropped about 2 cents in the past two weeks, reflecting recent drops in the price of crude oil and plentiful supply, an industry analyst said Sunday.

The combined national average for all grades of gasoline was $1.89, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey. The price was down from $1.91 on Aug. 27.

The survey, taken Friday, polled about 6,000 gas stations across the United States.

Self-serve regular, the biggest seller, was $1.86. The midgrade national average was $1.96, and the average for premium was $2.05.

Prices went down despite the Labor Day weekend. Lundberg said the idea of significantly increased demand during travel-heavy holidays was a myth. Pump prices are more closely tied to crude oil prices and seasonal changes in driving and supply, she said.

Investigation

Pimco said to be making deal with SEC

The Pimco mutual fund group will pay $50 million to settle civil charges by federal regulators, who claimed that it defrauded investors by letting a favored shareholder make improper “market timing” trades, a person with knowledge of the agreement said Friday.

The deal, expected to be announced today, would end a probe by the Securities and Exchange Commission into two East Coast-based Pimco divisions — PEA Capital, which manages the Pimco stock funds, and PA Distributors, which oversees retail mutual fund sales.

Both are sister units of Newport Beach, Calif.-based Pacific Investment Management Co., the largest bond mutual fund company in the United States. All are owned by German insurance giant Allianz.

Under the deal, the $50 million in settlement money would be returned to Pimco fund shareholders, said the person familiar with the agreement, who spoke on condition of anonymity.