Lundberg: Gasoline Prices Rise, but More Declines Expected

he price of retail regular gasoline rose 0.5 cent during the past two weeks, the first increase since May, but falling crude oil prices would likely cause the gasoline to fall again in the weeks ahead, an industry analyst said Sunday.

The national average price for regular gasoline on Friday was $1.88 per gallon, according to the Lundberg survey of stations nationwide.

The price has plunged about 20 cents per gallon since reaching a peak of $2.07 on May 21. It is 16 cents higher than a year earlier.

Analyst Trilby Lundberg said the uptick was due to the recent surge in crude oil prices, the Associated Press reported. However, because oil prices have dipped recently, and the same would be true for gasoline, she said.

Crude oil prices in New York hit a record $49.40 a barrel on Aug. 20, but closed on Friday at $43.18.

Lundberg also said unless there are serious oil shortages, gas prices would continue falling this autumn, AP reported.

Honolulu had the highest average price for self-serve regular unleaded gasoline at $2.26 per gallon, the survey showed. Tulsa, Okla., had the lowest price at $1.72.