Do More With Reuters
Partner Services

U.S. gasoline prices rise to $2.66/gallon-survey

Mon Oct 26, 2009 1:16am IST
 
Email | Print | | Single Page
[-] Text [+]

*Average price of U.S. gallon of gas $2.66-Lundberg

*Increase attributed to crude oil price rise

NEW YORK, July 25 (Reuters) - The average price drivers paid for a gallon of gasoline in the United States jumped 17.8 cents during the past two weeks due to an even larger relative increase in the price of crude oil, according to a survey by an industry analyst.

The national average for self-serve, regular unleaded gas was nearly $2.66 a gallon on Oct. 23, a gain of about 17.82 cents in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.

The last time the price of gasoline jumped so much in a two-week time-frame was between July 24 and Aug. 7, when prices rose nearly 16 cents to $2.64, and then began multiple two-week periods of sliding back. Prices have fallen 12.3 cents in the past 12 months from $2.78 on Oct. 24, 2008.

"The rising gasoline price is mirrored in the rise in retail diesel," survey editor Trilby Lundberg said. "That's an example that shows it isn't only the gasoline market affected and that it is crude oil that caused the rise."

Crude oil prices rose more than gasoline and diesel on an equivalent basis, but refiners were unable to pass on all of their higher raw material costs because it is a time of weak gasoline demand and continued unemployment, she said.

"If crude oil prices slip significantly, from here we will see gasoline prices cease rising and maybe fall because gasoline demand itself will be falling with the seasonal changes in demand," Lundberg said.

At $2.24 a gallon, Tucson, Arizona, had the lowest average price for self-serve, regular unleaded gas, while the highest price was $3.25 a gallon in Anchorage, Alaska, on the survey date. San Francisco prices were the highest on the mainland United States at $3.06 a gallon. (Reporting by Caroline Humer, editing by Maureen Bavdek)

Construction workers work at a site as the sun sets in Chandigarh in this December 2006 file photo. REUTERS/Ajay Verma
Economy seen growing at 7.2 pct in FY10 - govt

The forecast reinforces the possibility that the government may start to unwind its fiscal stimulus in the budget.  Full Article 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives
Greece's Finance Minister Papaconstantinou addresses reporters during a news conference in Athens, January 20, 2010.
Eurozone agreed in principle to aid Greece

Euro zone countries have decided in principle to help debt-stricken Greece, a senior German ruling coalition source said.  Full Article 

FROM THE MARKETS

After the Bell
After the Bell

Reuters Money's Kshitij Anand updates you on the movers and shakers of the Indian stock market.  Blog 

SHOWCASE

"Claw Back" Pay
"Claw Back" Pay

Banks and regulators hope that threats to "claw back" pay if trades later blow up will rein in risk taking on Wall Street.  Full Article 

 
James Saft
Blaming Asperger's

COLUMN - Did Asperger's help cause the financial crisis?  Full Article 

 
Going Global
Going Global

With Volvo, Chinese eye M&A abroad to win at home.  Full Article 

 
Delivery Woes
Delivery Woes

Boeing 787 delivery schedule could slip - experts.  Full Article 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage