Gas prices expected to flatten



ATLANTA (CNN) -- Prices at the pump are up nearly 9 cents in the past two weeks and a total of 18 cents in the past month, but the increase is likely to slow, according to a survey published Sunday.

The national average for a gallon of self-serve regular is $2.81, the Lundberg Survey found in the survey conducted Friday.

That's an increase of 8.6 cents since the last survey two weeks ago, and a total increase of 18.2 cents in the past month.

However, the rise is not expected to continue over the next few weeks, said publisher Trilby Lundberg -- mainly because there is a glut of crude oil and gasoline, while demand remains relatively flat and is forecast to remain so because of economic conditions.

"Supply, barring an emergency somewhere in the world, is not going to be tight," Lundberg said.

Worldwide, the demand for crude oil weakens in the summer months because warmer weather decreases the need for heating oil, she said.

While demand for gasoline typically increases in the summer months in the United States, the struggling economy and high unemployment rates probably will dampen that demand, she said.

And Lundberg said she doesn't expect the Organization of the Petroleum Exporting Countries (OPEC) to stop overproducing -- "not at these prices." So while prices may rise a few more pennies, the increase is predicted to slow, she said.

The current average price is 86 cents above the price of a gallon of self-serve a year ago, Lundberg said. The survey tallies prices at thousands of gas stations nationwide.

The city with the lowest average price in the latest survey was Newark, New Jersey, at $2.60. The highest was Honolulu, Hawaii, at $3.38.

Here are average prices in other cities:

  • Houston, Texas - $2.65
  • Phoenix, Arizona - $2.77
  • Detroit, Michigan - $2.81
  • Atlanta, Georgia - $2.73
  • Portland, Oregon - $2.86
  • Boise, Idaho - $2.87
  • Burlington, Vermont - $2.90
  • Sacramento, California - $3.03
  • Miami, Florida - $2.84
  •  To top of page
Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,928.03 -54.56 -0.32%
Nasdaq 4,442.70 -2.21 -0.05%
S&P 500 1,969.95 -8.96 -0.45%
Treasuries 2.46 -0.03 -1.16%
Data as of 4:11pm ET
Company Price Change % Change
Frontier Communicati... 6.83 0.89 14.98%
Windstream Holdings ... 11.80 1.27 12.06%
AT&T Inc 36.60 0.95 2.68%
CenturyLink Inc 39.92 2.21 5.86%
Bank of America Corp... 15.36 -0.14 -0.90%
Data as of 3:56pm ET

Sections

European leaders are trying to hit Russia where it hurts by issuing new, tougher sanctions targeting Vladimir Putin's cronies and key Russian industries. More

San Diego, Calif., and Eugene, Ore., city councils approve measure to require paid sick leave for workers. More

Bunch o Balloons allows multiple water balloons to be filled at once. Parents are loving it -- to the tune of $645,000. More

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.