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U.S. Gasoline Prices Break Records Again

Posted on: Sunday, 11 April 2004, 06:00 CDT

CAMARILLO, Calif. - Gas prices climbed another 2 1/2 cents in the past two weeks as high crude oil prices and tight capacity contributed to record prices at the pump, a national survey said Sunday.

The nationwide average in the past two weeks that ended Friday was $1.82 for all grades, said Trilby Lundberg of the Lundberg survey, which regularly polls 8,000 stations across the United States.

Gasoline prices are up 31.5 cents per gallon nationwide since late December, Lundberg said.

"The prices keep breaking their own records every week," she said.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.79 for regular, $1.89 for midgrade and $1.98 for premium.

San Diego had the highest average price for self-serve regular, at $2.22 per gallon, up 10 cents from two weeks ago.

Demand is not expected to slow over the next few weeks as the peak summer travel approaches, crude oil prices remain around $37 per barrel, and refineries temporarily shut down their plants for maintenance.

The effect on gas prices has been magnified this year because commercial gasoline inventories are already low. The federal government said last week that gasoline prices will rise another nickel a gallon nationwide before the end of June but return to current levels before the fall.

The hardest hit areas will likely be the West Coast and the Northeast.

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