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
6 products to keep the skies friendly Plane travel can be stressful, especially during the holidays. These things can help keep the peace among travelers. More
2014: Helluva good year for stocks The bull market has been going for 2,115 days. If you put you're money in stocks, it's been a very happy year. More
7 up-and-coming foodie destinations These seven cities are seeing a growing interest in local food boost the economy -- and produce some seriously tasty eats. 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

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: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. 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 2014 and/or its affiliates.