CNN/Money 
graphic
News
graphic
Gas price surge may be over
Price increases over past three weeks slow down, point to a future drop, Lundberg survey says.
September 14, 2003: 4:32 PM EDT

NEW YORK (CNN) - Last month's spurt in gas prices appears to have topped off nationally and will likely begin dropping, a national survey said Sunday.

Over the past three weeks, the average price of a gallon of self-serve regular rose just 0.14 cents per gallon, to $1.7205, said Trilby Lundberg, publisher of the Lundberg Survey, which tallied prices at about 7,000 gas stations nationally on Aug. 22 and Sept. 12.

"I'm calling that no change," she said. "The surge is over."

Lundberg credited a confluence of three factors for the stall in what had been a precipitous rise in gas prices in recent weeks: correction of regional shortages, a drop in the price of crude and the end to the summer driving season, when demand for gasoline typically peaks.

Between Aug. 8 and Aug. 22, the average price of gas in the nation zoomed nearly 16 cents per gallon, driven by an electricity blackout that shut several refineries and a pipeline break Aug. 8 that affected a number of Western cities, particularly Phoenix.

"Both of those have been corrected," said Lundberg in a telephone interview from her home in Camarillo, Calif.

In addition, the price of crude oil has dropped, with a barrel light sweet grade closing Friday at $28.27 per barrel on the NYMEX, the lowest price since spring.

"All point to lower prices at the pump," Lundberg said.

In the past three weeks, prices in Atlanta dropped 12 cents per gallon, to an average of $1.45 per gallon, the lowest in the country. San Francisco gas stations commanded the highest prices, at an average of $2.11 per gallon.

Here are some other prices: New Orleans - $1.53; Dallas - $1.56; Minneapolis - $1.66; Washington - $1.69; Salt Lake City - $1.79; Seattle - $1.87; Providence - $1.84.  Top of page




  More on NEWS
JPMorgan dramatically slashes Tesla's stock price forecast
Greece is finally done with its epic bailout binge
Europe is preparing another crackdown on Big Tech
  TODAY'S TOP STORIES
7 things to know before the bell
SoftBank and Toyota want driverless cars to change the world
Aston Martin falls 5% in its London IPO




graphic graphic

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.

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.