Gasoline Prices Rise to $2.35/gallon
The average retail price of a gallon of gasoline in the United States rose during the past two weeks due to federal regulations and a seasonal increase in demand, according to an industry analyst.
The national average for self-serve, regular unleaded gasoline was $2.35 per gallon on March 10, a rise of nearly 11 cents from two weeks earlier, according to the nationwide Lundberg survey of about 7,000 gas stations.
The latest results reverse several weeks of declining prices. The average price of gasoline had fallen about 9 cents between January 20 and February 24, Lundberg said.
"We're leaving our low winter-demand period and entering the spring and summer driving season," said survey author Trilby Lundberg.
The U.S. government also has introduced lower sulfur requirements for gasoline and diesel, as well as regulations that make it more expensive for refineries to produce gasoline, Lundberg said.
The price per gallon is about 38 cents higher for self-service, regular unleaded than a year ago. On March 4, 2005, the average was about $1.97 per gallon.
Prices could rise another 30 cents or more by the height of the summer driving season, unless crude oil prices unexpectedly take a dramatic fall, she said.
Prices are not expected to hit the record high average of $3.01 per gallon that the United States experienced last September in the wake of Hurricane Katrina unless there is a spike in crude oil prices or another natural disaster, she said.
The annual average price of a gallon of gas during 2005 was about $2.29, while the average crude oil price was $56.47 a barrel, Lundberg said. So far this year, the average price per gallon has been about $2.31, with crude at $63.45 per barrel, she said.
At $2.63 a gallon, Honolulu, Hawaii, had the nation's highest average price for self-serve, regular unleaded gas, according to the March 10 survey.
Newark, New Jersey, had the survey's lowest price at $2.15 a gallon. New Jersey has no self-serve gas stations, Lundberg noted.
Reuters
The national average for self-serve, regular unleaded gasoline was $2.35 per gallon on March 10, a rise of nearly 11 cents from two weeks earlier, according to the nationwide Lundberg survey of about 7,000 gas stations.
The latest results reverse several weeks of declining prices. The average price of gasoline had fallen about 9 cents between January 20 and February 24, Lundberg said.
"We're leaving our low winter-demand period and entering the spring and summer driving season," said survey author Trilby Lundberg.
The U.S. government also has introduced lower sulfur requirements for gasoline and diesel, as well as regulations that make it more expensive for refineries to produce gasoline, Lundberg said.
The price per gallon is about 38 cents higher for self-service, regular unleaded than a year ago. On March 4, 2005, the average was about $1.97 per gallon.
Prices could rise another 30 cents or more by the height of the summer driving season, unless crude oil prices unexpectedly take a dramatic fall, she said.
Prices are not expected to hit the record high average of $3.01 per gallon that the United States experienced last September in the wake of Hurricane Katrina unless there is a spike in crude oil prices or another natural disaster, she said.
The annual average price of a gallon of gas during 2005 was about $2.29, while the average crude oil price was $56.47 a barrel, Lundberg said. So far this year, the average price per gallon has been about $2.31, with crude at $63.45 per barrel, she said.
At $2.63 a gallon, Honolulu, Hawaii, had the nation's highest average price for self-serve, regular unleaded gas, according to the March 10 survey.
Newark, New Jersey, had the survey's lowest price at $2.15 a gallon. New Jersey has no self-serve gas stations, Lundberg noted.
Reuters
posted by Ottawa Gas Prices | 1:22 PM
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