By Daniel Thomas
Aug. 13 (Bloomberg) -- The U.S. gasoline pump prices rose a penny in the past three weeks to a record average $3.025 a gallon and may decline, Trilby Lundberg said, citing her survey of about 7,000 filling stations nationwide.
``For the gasoline price to move up only one cent rather stands out against all the headlines affecting oil and gasoline prices,'' Lundberg said in an interview. ``We have plenty of gasoline, plenty of crude, despite the scary announcements out of Alaska and elsewhere.''
Wholesale gasoline futures in New York have risen 20 percent so far this year partly on concern rising summer demand would strain supplies. Lundberg expects gasoline prices to decline as the summer driving season ends.
``There are many good reasons to expect that gasoline prices will slide down from here with the usual two caveats of no hurricanes affecting our refining system and no force majeure affecting world crude oil supplies,'' she said.
Higher prices haven't deterred driving. U.S. gasoline demand for the four-week period ended Aug. 4 surged to an average 9.6 million barrels a day, 1.8 percent higher than the average in the same period a year earlier, the Energy Department reported on Aug. 9. Motorist demand for gasoline peaks between Memorial Day in May and Labor Day in September.
Benchmark crude oil futures for September delivery fell 8 cents in the past three weeks to $74.35 a barrel on the New York Mercantile Exchange. Oil futures rose to a record closing price of $77.03 a barrel on July 14.
The highest price for self-serve regular gasoline was $3.29 a gallon in Chicago, Lundberg said today. The lowest was in Charleston, South Carolina, at $2.82. On New York's Long Island, the price was $3.23 a gallon.
To contact the reporter on this story: Daniel Thomas in New York at danielt@bloomberg.net.
Last Updated: August 13, 2006 16:13 EDT
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