Gasoline prices up, end 3 month slump
The average price of a gallon of gasoline rose 5 cents, according to survey of 5,000 gas stations.
CAMARILLO, Calif. (CNN) -- Gasoline prices at U.S. pumps rose an average of a nickel a gallon over the last two weeks, ending three months of falling prices, according to a national survey released Sunday.
The Nov. 17 Lundberg Survey of about 5,000 gas stations across the country showed the average price of a gallon of self-serve regular gas was $2.23, a penny lower than the same week a year ago, publisher Trilby Lundberg told CNN.
Gas prices had fallen 84 cents in the previous 12 weeks, Lundberg said. The previous survey, taken on Nov. 3, showed the average at $2.18, she said.
Lundberg said the halt in price declines showed "a mini-glut" of crude oil that began accumulating in August with the end of the summer driving season has been "soaked up," leading to "a normalization" of supply and demand.
"Crude oil prices and gasoline supply are in favor of gas price stability for now," Lundberg said.
She added that she expects little pump price changes in the near term, unless the mild weather turns severe, causing a spike in heating oil prices. That spike would also increase all petroleum prices, Lundberg said.
Another factor that could cause gas prices to rise in coming months would be a strong adherence by OPEC countries to their pledge to cut world crude oil production by 1.2 million barrels a day or another decision to reduce production when OPEC meets again next month, Lundberg said.
Average gasoline prices hit a record high of $3.03 a gallon in Lundberg's August 11, 2006 survey but began a 12-week, 84-cent decline that ended with the Nov. 3 poll.
Drivers filling up for Thanksgiving holiday road trips a year ago paid an average $2.24, according to the Nov. 18, 2005 Lundberg Survey, a penny more than this year.
The most expensive gas is in Honolulu, where drivers pay an average $2.75 a gallon, while Houston enjoys the cheapest gas at an average $2.05 a gallon, Lundberg said.
Here are some prices in other cities:
Washington, D.C. $2.20
Providence, R.I. $2.23
Long Island, N.Y. $2.31