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Gas prices soar
National survey says prices have shot up nearly 7 cents in the past two weeks, due to pricier crude.
March 6, 2005: 7:54 PM EST

(CNN) - Gas prices across the country shot up nearly 7 cents in the past two weeks, an adjustment that reflects higher prices for crude oil, according to the publisher of the Lundberg Survey.

Trilby Lundberg said Sunday the national average for a gallon of self-serve regular was $1.97 on the last day of the survey update, March 4. Nearly 45 cents of that is taxes.

Prices increased nearly 7 cents from Feb. 18, and more increases can be expected, she said.

"Gasoline price changes are lagging behind those of crude, and there's more catching up to do," Lundberg said.

Crude oil prices are nearing the Oct. 2004 peak of more than $55 per barrel "due to trader speculation on world demand growth, as well as the chronic U.S. gasoline demand push at this time of year," Lundberg explained.

The lowest gas prices the survey found were in Charleston, S.C., where a gallon of self-serve regular costs about $1.76. The highest prices are in Honolulu, where the same product costs $2.32 per gallon -- including nearly 59 cents in taxes.  Top of page

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