Lundberg: Retail Regular Gasoline Price Rises to $2.04

he average retail price of regular gasoline rose 5.18 cents in the past two weeks to $2.04 per gallon on Oct. 22, according to the Lundberg Survey of stations nationwide.

After reaching an all-time high of $2.07 in late May, regular gasoline lost 22 cents, bottoming out on Sept. 10 at about $1.86. However, it has increased 18 cents in the six weeks since, according to the survey.

Trucking burns an average of 260 million gallons of gasoline each week.

Analyst Trilby Lundberg attributed the increase mainly to record high crude oil prices and that gasoline prices could rise more but would soon peak, Reuters reported. Crude-oil futures in New York closed at an all-time high of $55.17 a barrel on Oct. 22, the day the survey was conducted.

The city with the highest average self-serve pump price was again San Diego at $2.45 per gallon, while the lowest average price was $1.83 per gallon, in Tulsa, Okla.