The average price for regular gasoline at U.S. pumps climbed 1.87 cents in the past two weeks to $3.71 a gallon, according to Lundberg Survey Inc.
The survey covers the period ended June 20. It’s based on information obtained at about 2,500 filling stations by the Camarillo, California-based company. Prices are 11.29 cents higher than a year ago and at the highest level since May 2, the survey showed.
“There may be further moderate rises in gasoline if crude oil keeps rising,” Trilby Lundberg, president of the survey, said in a telephone interview June 23. “The response has been muted so far considering oil prices have risen much more.”
The highest price for gasoline in the lower-48 states among the markets surveyed was in Chicago, at $4.15 a gallon, Lundberg said. The lowest price was in Tucson, Arizona, where customers paid an average $3.37 a gallon. Regular gasoline averaged $3.93 a gallon on Long Island, New York, and $4.07 in Los Angeles.
U.S. gasoline production jumped 11% in the week ended June 13 to a record 9.84 million barrels a day, according to the EIA. Demand jumped 7.4% during that week and averaged over four weeks was 2.9% above a year earlier.