Gas price break may not last

After 2-week advance, daily average is down for 4th straight day. But another run at the record looms - surveys.

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

ATLANTA (CNN) -- After a two-week climb in gasoline prices, there appeared to be some short-term moderation Monday - but another run at the record high set last week seems likely, two surveys indicated.

The average price of gasoline jumped 15 cents over the past two weeks to a national average of $3.62 per gallon of self-serve regular, according to the biweekly Lundberg Survey released Sunday. The rise continued at virtually the same rate as the previous two weeks, when the average price went up 16 cents per gallon.

Separately, AAA reported Monday that the national average price for a gallon of regular unleaded gasoline fell for the fourth straight day, down 3/10 of a cent to $3.611. The price is 1.2 cents below the $3.623-a-gallon record set last Thursday, which marked the 17th day in a row of new highs.

The AAA survey is updated daily, and tracks prices at roughly 80,000 service stations across the country. It is conducted for the group by Oil Price Information Service.

Crude oil. While crude oil prices were "a little tamer" in the past two weeks, the majority of the 15-cent rise "went to some margin of recovery for retailers," said Lundberg Survey publisher Trilby Lundberg. Many retailers had seen their take on each gallon shrivel amid skyrocketing oil prices.

Even if crude oil prices slip in the coming days, "I think we can expect another 10 or 15 cents this month, if not more," Lundberg said.

Crude oil prices were up over $117 a barrel on Monday morning amid supply concerns fueled by an attack on a Nigerian oil installation. The rise was tempered by a slightly stronger dollar; the dollar's weakness has pushed crude prices higher this year as investors look to commodities as a hedge against inflation.

As the summer driving season approaches, refiners need to recover how much they make per gallon in order to restore some capacity that they have idled, Lundberg said. Also, refiners overseas could be attracted to a higher U.S. gas price "and send over those extra barrels," increasing supply to meet the U.S. demand, she said.

The Lundberg survey looks at thousands of gas stations across the country. The lowest average price in the latest survey is $3.39 in Cheyenne, Wyo., while people in San Francisco, Calif., paid the highest on average at $3.95 per gallon.

With gas prices serving as a major issue in the presidential race, here are the average prices in some cities taking part in upcoming Democratic nominating contests, according to Lundberg:

-- Indianapolis: $3.71

-- Charlotte, N.C.: $3.61

-- Charleston, W. Va.: $3.75

-- Portland, Ore.: $3.65

-- Louisville, Ky.: $3.73

Here are prices in some other cities:

-- Newark, N.J.: $3.45

-- Houston: $3.49

-- Billings, Mont.: $3.50

-- Manchester, N.H.: $3.53

-- Atlanta: $3.60

-- Omaha, Neb: $3.50 To top of page

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:
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More

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: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. 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 2018 and/or its affiliates.