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U.S. Gasoline Price Rises 4.94 Cents to $2.7647 a Gallon, Lundberg Says
The average price of regular gasoline at U.S. filling stations rose to $2.7647 a gallon as crude oil prices have risen and demand for the motor fuel has slipped.
Gasoline gained 4.94 cents in the two weeks ended June 25, according to a survey of 2,500 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst in Camarillo, California.
“Crude oil is the main cause of that nickel rise,” Lundberg said. “But absent some real supply threat, crude oil is not on a steep climb from here, and neither is gasoline.”
Gasoline demand, measured by what refiners and blenders supply to wholesalers, fell 1 percent in the week ended June 18, according to the Energy Department. Inventories were 4.2 percent above a year earlier.
The front-month contract for crude oil gained 6.9 percent in the two weeks ended June 25. Gasoline futures rose 5.8 percent.
U.S. gasoline demand at the pump in the week ended June 18 slumped 2.7 percent from a year earlier, MasterCard Inc. said on June 22 in its SpendingPulse report. Fuel consumption the first three weeks of June was off 2.2 percent from the same period in 2009.
Regular gasoline at the pump, averaged nationwide, rose to $2.755 a gallon from $2.753 yesterday, AAA said on its website.
On Long Island, regular gasoline averaged $2.90 a gallon, Lundberg said. Los Angeles-area retail stations averaged $3.07 a gallon.
Of the cities surveyed by Lundberg on June 25, the highest price was San Francisco at $3.14 a gallon. The cheapest place to buy gasoline was Charleston, South Carolina, where a gallon averaged $2.49, she said.
To contact the reporters on this story: Barbara Powell in Dallas at bpowell4@bloomberg.net; David Wethe in Houston at dwethe@bloomberg.net
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