Video: Pump pressures building

updated 10/11/2004 11:14:04 AM ET 2004-10-11T15:14:04

Gasoline prices have climbed nearly 8 cents a gallon in the past two weeks because of record-high crude oil prices, and they are likely to continue rising, an industry analyst said Sunday.

From Sept. 24 through Friday, the combined national average for all grades of gas rose from $1.94 to $2.02 a gallon, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations across the country.

Self-serve regular, the biggest seller, averaged $1.99 a gallon Friday, midgrade was $2.09 and premium was $2.18, Lundberg said.

Prices are likely to continue climbing in the short term along with rising crude oil prices, which hit $53.31 per barrel on Friday. But prices may come down after hurricane-damaged petroleum facilities in the Gulf of Mexico are repaired, Lundberg said.

“That is, unless we have a new event such as an especially cold winter, in the U.S., or internationally, snapping up home heating supplies and prices, which would add to the value of crude oil,” Lundberg said.

The most expensive gasoline was sold in San Diego, where self-serve regular was $2.35 a gallon. The cheapest was in Houston, where self-serve regular was $1.84.

Prices have risen 13.07 cents since Sept. 10, when the combined national average for all grades was $1.89 a gallon.

Before then, pump prices had been sliding since May 21, when they reached a peak of $2.10 a gallon.

© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%