U.S. gasoline prices hold at $2.85/gallon - survey

NEW YORK, April 25 Mon Apr 26, 2010 3:15am IST

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NEW YORK, April 25 (Reuters) - The average price for a gallon of gasoline did not change from levels reached about two weeks ago, capping the end of a five-week rise in gas prices, according to an industry analyst.

The volcanic eruption in Iceland sent crude oil prices tumbling as global travel to and from Europe was halted.

But the following week, crude oil recouped earlier losses as fears of lower oil demand due to the eruption subsided and air travel resumed.

"Crude oil's plunge of nearly $5 per barrel was reversed quickly, so it ended up very close to the same spot," said Trilby Lundberg, who edits the nationwide Lundberg survey of some 5,000 gas stations.

She added that gas prices are closely tracking trends seen in crude oil.

A gallon of gas as of April 23 cost $2.85 on average, about even with the price on April 9, according to the survey. The April 9 report marked the third consecutive Lundberg survey to show a rise in gasoline prices. [ID:nN11158440]

"Any bump at the pump, at least for now, will probably be modest," Lundberg said, referring to gasoline prices. "Now is not a time of any supply tightness."

In the contiguous United States, motorists in Chicago paid the highest average price of $3.15 for self-service, regular unleaded gasoline. Motorists in Honolulu, Hawaii, paid the most in the United States at $3.47 per gallon, on average.

The lowest average price was seen in Tulsa, Oklahoma, of $2.60 a gallon. (Reporting by Deepa Seetharaman; Editing by Jan Paschal)

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