Lundberg Survey – Current Gasoline Prices Increase 25 Cents

The current gasoline price in the U.S. jumped almost 25 cents a gallon over the last couple of weeks as more expensive oil prices and shutdowns at refineries pushed refined prices higher, according to a nationwide survey.

The recently posted average price for each gallon of regular gas is $3.59, according to analysts. That rate is higher by 24.75 cents compared to the previous poll that of around 2,500 gas stations in the continental U.S. on the 25th of January.

The publisher of the Lundberg Survey said that the prices at the pump had been dropping, reaching its bottom in the latter parts of December.

Gasoline was already hiking in price, and this accelerated in the last two weeks. Consequently, retailers are feeling the challenge of the price rise.

While crude prices per barrel of the U.S. benchmark have stayed quite stable, rates in the international markets have substantially increased in the past few weeks. And the planned and unplanned outages at U.S. refineries in preparation for the higher gasoline demand in the spring and summer have both placed a crimp in inventories, said Lundberg.

The latest Lundberg Survey shows that the most expensive average gasoline price today throughout the U.S. is in Los Angeles at a per gallon rate of $4.10. Meanwhile, the cheapest average price at the pump can be found at Billings, Montana at $3.05 per gallon.

By: Chris Termeer