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Gas Prices Climb Nearly 18 Cents in Two Weeks
This is the wrong time of the year for gas prices to be climbing. Even though we are already well past the summer driving season gas prices have climbed nearly 18 cents in the past two weeks according to the latest Lundberg Survey. CNN reports that the price of crude oil has jumped $9 a barrel to nearly $80.50.
The average price of a gallon of self-serve regular was $2.655 as of October 23, said Trilby Lundberg, author of the Lundberg Survey. Since the October 9 survey, the average price per gallon has climbed by 17.82 cents. The current price is 12.3 cents less than the price a year ago.
The retail price of diesel fuel jumped a similar amount in the past two weeks -- 16.75 cents. The price of diesel fuel is $2.817, Lundberg said.
There has been no significant increase in the demand for crude oil, nor large decrease in supplies of crude that can explain almost a $9 per barrel jump in the past two weeks, according to Lundberg. Crude oil now costs $80.50 a barrel.
Some positive economic indicators and the Dow crossing the 10,000 mark earlier this week could have pushed oil higher. Consumers certainly don't need more pain at the pump right now. The AAA's Fuel Gauge Report shows prices up about 14 cents from a month ago. They have the national average gas price at $2.665.
Photo by futureatlas
Posted on October 25, 2009
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Gas Prices Climb Ten Cents in Past Week
Gas prices are still over a $1.25 less than they were a year ago but with the summer driving season rapidly approaches prices are going to climb. Reuters reports that the new Lundberg Survey found gas prices climbed nearly ten cents over the past week.
The average national price for self-serve regular unleaded gasoline was $2.048 a gallon on April 10, up 9.58 cents from March 20, according to the survey of gas stations.
The price was a whopping $1.27 below a year ago levels, when crude oil prices soared.
"The major cause of the rise of nearly a dime in three weeks is seasonal gasoline demand, not only because our consumption rises month by month, but because of the cost of environmental compliance," Survey editor Trilby Lundberg said in an interview.
As the weather warms, refiners are required to limit vapor pressure in order to avoid smog production. This adds to the cost per gallon, she said.
The AAA's Fuel Gauge Report shows gas prices up about 12 cents from one week ago. This year's peak prices should stay well south of last year's gasoline prices but with the recession continuing any increase be unwelcomed by consumers.
Photo: Daquella manera
Posted on April 12, 2009
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