Survey Shows Smallest Rise in US Gasoline Prices since January 2012

A recently published national survey shows that gasoline prices in the United States posted their smallest rise since the early parts of January. Moreover, the survey shows that prices may move only slightly beyond their highest level if crude oil prices remain the same.

According to the Lundberg Survey, the average cost of self serve gasoline was $3.97 per gallon as of April 6. That price is higher by 03.74 cents since the last survey conducted on March 23.

Trilby Lundberg, the publisher of the survey, said that the increase is relatively small compared to those that were posted recently. That may be attributed to the steady gasoline supply and drop in crude oil prices within the two weeks covered by the survey.

Lundberg added that crude oil is the primary driver of gasoline prices. This means that if crude oil remains close to its current level, the price increases (of gasoline) should stop. However, if it rises once again, the cost of gasoline will move in the same direction.

Over the last two weeks, crude oil prices are lower by $3.56. Its March 23 rate was at $106.87 per barrel and prices reduced to $103.31 per barrel in April 5, the publisher said.

Several cities saw considerable increases in their local price of gasoline in the last few weeks, while others experienced significant reductions. For example, prices in Chicago dropped by almost 11 cents since the 23rd of March, but still posted the highest cost of $4.45 a gallon in the country.

Similarly, gasoline prices in Cleveland fell by over 11 cents in the last couple of weeks, to $3.79 on the 6th of April;

Tulsa, Oklahoma posted the lowest cost of gasoline all over the U.S., with a price per gallon of $3.66.

In other cities, average gasoline prices per gallon were $3.77 in Birmingham, Alabama; $3.94 in Boston, $3.88 in Houston, $3.67 in Salt Lake City, $4.26 in San Diego and $4.14 in Seattle.

By: Chris Termeer