Gas jumps 25 cents in three weeks

Nationwide survey of gas stations finds price of regular unleaded spiked as driving season approaches, but says trend is unlikely to continue.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)

(CNN) -- Gas prices jumped nearly a quarter in the past three weeks, but the trend is unlikely to continue, according to a survey published on Sunday.

The average price of a gallon of self-serve regular is $2.30, according to the May 15 Lundberg Survey of some 5,000 gas stations around the country. The 25-cent hike is the largest increase in gas prices on a weekly basis since a year ago, but "that's where the similarity ends," according to survey publisher Trilby Lundberg.

"It isn't very unusual for a price hike of this magnitude this time of year," she said. But, she added, "The prices cannot catch up with last year" when gas prices were averaging $3.80.

Drivers tend to take advantage of the longer daylight hours in June, July and August. In addition, gas prices are affected by the government's reformulation requirements, which include limits on vapor pressure and levels of ethanol, a corn-based additive that has increased in price as well.

Despite those factors, an increase in gas prices is "not necessarily going to continue, especially at this rate," she said.

The city with the lowest average price in the latest survey was Phoenix, Arizona, where a gallon of self-serve regular cost $1.99. The highest average was in Chicago, Illinois, at $2.63.

Here are the average prices in some other cities:

- Birmingham, Alabama $2.13

- Houston, Texas $2.16

- Denver, Colorado $2.19

- Atlanta, Georgia $2.19

- St. Louis, Missouri $2.20

- Boston, Massachusetts $2.28

- Long Island, New York $2.44

- Los Angeles, California $2.47

- Seattle, Washington $2.50 To top of page

Features
They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Best-loved cars in America These cars and trucks topped J.D. Power's APEAL survey, which measures how much owners like their new vehicles. More
America's most powerful cars A new 'horsepower war' has erupted among U.S. automakers and these are the most potent weapons in their arsenals. More
A sampling of beers being made with traditional Latin flavors A small but growing number of craft breweries are including passion fruit, Mexican cinnamon and other traditional Latin flavors. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.