Tags:

US Gas Prices at $3.88/gallon; Price Hikes May End

Sunday, 24 Apr 2011 03:06 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

* Average gas price at US pumps rose 11.5 cents/gallon

* Consumers demand less gas as prices rise

* Oil prices may have hit plateau; gas could recede-survey

By Martinne Geller

NEW YORK(Reuters) - The average price for a gallon of gasoline rose 11.5 cents in the past two weeks, but the lift was smaller than in prior weeks, and price increases may be near an end, a widely followed industry analyst said Sunday.

The national average for self-serve regular unleaded gas was $3.88 a gallon on April 22, up 11.53 cents per gallon from April 8, according to the nationwide Lundberg Survey.

The price was still below the July 11, 2008, all-time high of $4.11, and survey editor Trilby Lundberg said there was a "very good chance" that gasoline prices would not rise to meet that level.

"There is some possibility that prices might already be peaking," Lundberg told Reuters, citing the slip in crude oil prices in recent weeks. "It would be going out on a limb to make any prediction now ... but if there was a plateau, this might be the end or close to the end of gasoline price increases."

Lundberg said that gasoline demand in the United States has weakened as the price has increased, due largely to continued unemployment.

A gallon of gas cost $3.765 on April 8, Lundberg said, a rise of more than 19 cents from the prior survey in mid-March.

Gasoline prices have increased by $1.19 in the past seven months and 70 cents in just the past nine weeks, Lundberg said, citing "world demand for crude oil, the weakening dollar and the Middle East/North Africa crisis culminating in civil war in Libya".

At $4.27 a gallon, Chicago had the highest average price for self-serve regular unleaded gas in the lower 48 states, while the lowest price was $3.54 a gallon in Tuscon, Arizona. (Reporting by Martinne Geller; Editing by Leslie Adler)

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Navy Identifies Pilot Presumed Dead in Crash

Sunday, 14 Sep 2014 20:12 PM

A Navy fighter pilot presumed dead after two jets crashed in the far western Pacific Ocean has been identified.The Navy  . . .

Small Earthquake Rattles Northern California

Sunday, 14 Sep 2014 19:39 PM

A small earthquake rattled parts of Northern California.The U.S. Geological Survey reported a magnitude 3.5 quake struck . . .

Blumenthal: NFL's Goodell 'Should Go If He Lied' on Rice Video

Sunday, 14 Sep 2014 15:41 PM

National Football League Commissioner Roger Goodell should go if he lied about when the league saw a videotape of Ray  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved