Gasoline Prices Up in U.S.

CAMARILLO, Calif. July 13, 2003; The AP reported that gas prices rose just over a penny per gallon over the past three weeks as the cost of crude oil increased, a nationwide industry survey found Sunday.

The average price for a gallon of self-serve gas nationwide Friday, including all grades and taxes, was about $1.55, according to the Lundberg Survey of 8,000 stations. That was an increase of 1.07 cents per gallon from June 20, the date of the last Lundberg Survey.

Gas prices have been rising gradually since bottoming out at $1.54 per gallon June 6 following an 11-week price slide, said analyst Trilby Lundberg. That price drop began March 21, when prices peaked at $1.76 per gallon, and was caused by falling oil prices in the wake of the Iraq war.

The subsequent increases have been driven largely by crude oil prices reacting to a move by the Organization of Petroleum Exporting Countries to tighten supplies as of June 1. In the most recent three-week period, Lundberg said, oil prices have also reacted to a short-term general strike in Nigeria and worries that Tropical Storm Claudette, which is heading toward the Texas gulf, could affect U.S. Gulf Coast oil facilities. Crude oil prices increased 46 cents per barrel over the past three weeks to close at $31.28 per barrel Friday.

The cheapest gas in the nation Friday could be found in Charleston, S.C., where a gallon of self-serve regular cost on average $1.36. The most expensive was in Honolulu where it cost $1.95.

A year ago, drivers nationwide were paying about 11 cents less per gallon than today. On July 12, 2002, the average price for a gallon of self-serve gas with all grades and taxes was about $1.44, Lundberg said.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.52 for regular, $1.62 for mid-grade and $1.71 for premium.