Gas Reaches New High, but Prices May Level Soon

U.S. gasoline prices leaped by 8.58 cents per gallon in the past two weeks, according to the Lundberg Survey of 8,000 gasoline stations and has reached $1.76, which is an all-time unadjusted high.

However, analyst Trilby Lundberg said that when adjusted for inflation, the current price was a full dollar less than the average cost of gasoline in March 1981.

Lundberg said that the fact that the jump was far less than the previous survey reflects improving supplies that should reduce or eliminate further price increases in the next few weeks.

Also Monday, the American Automobile Association said its survey of 60,000 stations showed prices at $1.68 a gallon, 3 cents higher than the record reached last summer.

Meanwhile, the White House said Monday President Bush can’t stop gasoline prices from rising this summer, even if the price tops $3 per gallon (See Executive Briefing, May 7).

Roughly a third of trucking-related freight hauls require gasoline for local pickup and delivery operations, so a gas-price jump has a significant effect on trucking.

he Midwest saw the highest price increase - 13 cents - and prices rose 8 cents for drivers in the West. These regions fared the worst because of the reformulated gasoline they rely on to limit pollution, Lundberg said.

The price for a gallon of regular unleaded has reached $2.02 in Chicago, which is 56 cents per gallon higher than the price in Atlanta.

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