Gas prices up even as crude falls
Lundberg Survey reports that pump prices climb almost 11 cents nationwide; cheapest in New Jersey.
ATLANTA (CNN) - Prices jumped nearly 11 cents over the past two weeks to $2.35 for a gallon of regular-grade gasoline, even though the price of crude dropped, a national survey said Sunday. The hike obliterates the nine-cent drop that had begun Jan. 20, said Trilby Lundberg, publisher of the Lundberg Survey.
"Those five weeks of declines were due largely to our being at the bottom of our gasoline-demand curve," she said. The price rise came even as the cost of a barrel of crude fell from $62.91 on Feb. 24 to $59.96 last Friday -- a seven-cent-per-gallon drop. Lundberg said an expected increased demand for gasoline in the spring and new government-required gasoline formulation requirements conspired to drive up prices at the pump. Prices are not likely to fall any time soon, she said. "With our demand building and those new recipe requirements coming into effect, gas prices will most likely surge much higher," she predicted. "Some of those regulations are seasonal in nature; they become more severe and more expensive as the weather gets warmer." Prices in Newark, N.J. were the lowest, at $2.15 for a gallon of self-serve regular; they were highest in Honolulu, at $2.63 per gallon, she said. The survey was carried out March 10. The previous survey was carried out Feb. 24. Other prices from across the country: Charleston, S.C.: $2.19 Salt Lake City: $2.25 Dallas: $2.28 Atlanta: $2.29 Philadelphia: $2.32 Las Vegas: $2.38 Cleveland: $2.39 Los Angeles: $2.55 ____________________ Missed out on the rest of the day's headlines? Click here. |
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