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Cost of gas barely budges in last two weeks

The average price for a gallon of gasoline in the United States rose less than a penny in the past two weeks as the economic downturn help to keep a lid on retail prices, according to the Lundberg survey released on Sunday.
/ Source: Reuters

The average price for a gallon of gasoline in the United States rose less than a penny in the past two weeks as the economic downturn help to keep a lid on retail prices, according to the Lundberg survey released on Sunday.

The average national price for self-serve, regular, unleaded gasoline was $2.0549 a gallon on April 24, up slightly from April 10 when the average was $2.0481, according to the nationwide survey of gas stations.

The average price remains a whopping $1.42 below year-ago levels, and is far below the all-time high of $4.1124 a gallon set on July 11, 2008.

"The economic crunch has so far trumped significant oil price rises that some producers have sorely wanted to see," survey editor Trilby Lundberg said in an interview. "And certainly the bad economy has prevented gasoline price rises of the type seen last year."

For U.S. drivers, Lundberg said one bright spot in the downturn is that gas prices at the pump will probably remain cheap compared with last year during the upcoming summer driving season.

"We will be lagging those levels unless there should be a supply emergency," she said.

According to the latest survey results, the lowest price per gallon was in Phoenix, Arizona, at $1.80, while Anchorage, Alaska, saw the highest at $2.45 per gallon.

The nationwide Lundberg survey polls about 5,000 gas stations in U.S. metropolitan areas.