Tags: US | Gasoline | Prices | October

US Gasoline Prices Highest Since October

Sunday, 12 Jan 2014 04:21 PM

 

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The average price for a gallon of gasoline in the United States rose to its highest level since mid-October, according to the Lundberg survey released on Sunday.

A gallon of regular-grade gasoline cost $3.3459 on average across the United States, up from $3.2618 three weeks earlier, according to the survey taken on Jan. 10. The average was slightly higher than $3.3247 average from the year-ago period.

In the Oct. 18 survey, the average was $3.3628.

"Most of the hike was a result from the recovery in the margins on the wholesale level and at the retail pump. They are both now back in normal territory, as opposed to their being extremely squeezed," said Trilby Lundberg, publisher of the survey.

She expected gasoline prices will hold at their current levels in the near term unless there are significant changes in crude prices.

While gasoline prices rose, U.S. crude futures fell 6.7 percent over the past three weeks to $92.72 a barrel, while Brent crude declined 4.2 percent to $107.25 a barrel.

New York's Long Island had the highest average price of $3.67 a gallon, while Albuquerque, New Mexico had the lowest average price of $2.97, according to the survey of major cities in the 48 continental states.

© 2014 Thomson/Reuters. All rights reserved.

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