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Gas prices zoom at record pace
Prices at the pump soar 15.5 cents to average $1.72 a gallon, survey finds.
August 24, 2003: 8:37 PM EDT

CAMARILLO, Calif. (CNN) - Gas prices zoomed at a record pace over the last two weeks, increasing by 15.53 cents a gallon to a national average of $1.72, according to a national survey of gas stations.

That was the largest two-week rise in the half-century history of the Lundberg Survey, Publisher Trilby Lundberg told CNN.

Still, the price was a penny shy of the all-time high, which was on March 21, 2003, she said.

Lundberg said panic buying in Phoenix after a pipeline burst Aug. 8, cutting supplies to the area, caused prices there to soar 60 cents per gallon, to $2.12. Phoenix consumers paid the most in the nation for gasoline, according to the survey.

The rupture affected prices all along the West Coast, driving the average cost of a gallon of gas in Los Angeles up 42 cents to $2.06.

Refinery shutdowns caused by last week's blackout in the East and Midwest also played a role in the price jump, she said.

The survey of prices at about 7,000 gas stations was carried out Aug. 8 and Aug. 22.

Lundberg predicted that the pipeline's repair and the drop in demand that typically occurs at summer's end would send prices lower in coming weeks.

Here are some other prices across the nation: Charleston, S.C., paid the least, at $1.49; El Paso, Texas: $1.59; Birmingham, Ala. $1.61; Detroit: $1.74; Chicago: $1.83, Sacramento, Calif. $2.02; Miami: $1.68; Hartford, Conn. $1.62, and Philadelphia: $1.64.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.