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Pump Jump: Gasoline Prices Up a Dime a Gallon In Last Two Weeks

U.S. drivers are paying nearly 10 cents more per gallon at the pump than they did two weeks ago, as worries about Ukraine contributed to a jump in the cost of ethanol used in making gasoline, according to an industry-watched survey

The Lundberg Survey of fuel prices said the price of a gallon of regular rose a dime to $3.51 in the last two weeks and is up 21.54 cents, or 6.5 percent, in the last four weeks. Mid-grade costs an average of $3.69 a gallon, and premium is $3.84.

The average price of a gallon of gasoline jumped 10 cents to $3.51 in the last two weeks.
Gas prices are displayed at a Shell station in Sacramento, Calif. on Friday. The average price of a gallon of gasoline jumped 10 cents to $3.51 in the last two weeks.Rich Pedroncelli / AP

Diesel was up three cents over the past two weeks at $4.03, the survey said.

The Lundberg survey of about 2,500 gas stations comes out every second or third week.

Trilby Lundberg, who conducts the survey, said recent increases in ethanol prices affected pump prices because ethanol is blended into gasoline. She said the uncertainty over Ukraine's future also factors into this because "Ukraine is a major corn exporter and nearly all ethanol in the United States is made from corn."

Of the cities surveyed in the lower 48 states, Los Angeles has the nation's highest average price for gas at $3.94, while Jackson, Miss., has the lowest at $3.18.

- Reuters