Lundberg Survey – Current Gasoline Prices Increase but May Soon Fall

A recently published survey shows that the current gasoline prices throughout the country have increased again. The average gasoline price today is $3.76 per gallon, a 7-cent rise compared to the past two weeks, according to the Lundberg Survey.

The rise is significantly lower compared to the 19-cent per gallon increase a couple of weeks ago. Higher ethanol and per barrel crude prices have affected the pump, said survey publisher Trilby Lundberg.

However, gasoline consumption usually declines with cold weather since fewer individuals take road trips. This means that the demand in the coming month will most probably drop. According to Lundberg, if the supply of oil and gasoline is sufficient, there is a very high possibility that the increases in the current gasoline prices will end.

A fatal explosion at a Venezuelan oil refinery may also impact gasoline prices today, said Lundberg. However, the explosion and other recent events have not caused any oil shortage. The prices at the pump reached their highest national average in the early parts of April at $3.97 per gallon, a 21-cent rise in the most recent survey.

In this period last year, the average was 15-cents lower than now when gasoline prices were at $3.61 per gallon.

The Lundberg Survey monitors prices in many gasoline stations all over the country.

The latest survey shows that El Paso, Texas has the lowest average gasoline price today at $3.32 per gallon while Chicago has the highest, at $4.22 per gallon.

By: Chris Termeer