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U.S. Gasoline Increases to $3.2790 a Gallon in Lundberg Survey

Dec. 9 (Bloomberg) -- The average price for regular gasoline at U.S. pumps rose 2.73 cents in the past two weeks to $3.2790 a gallon, according to Lundberg Survey Inc.

The survey covers the period ended Dec. 6 and is based on information obtained at about 2,500 filling stations by the Camarillo, California-based company.

The average, which reached a year-to-date peak in the survey of $3.795 on Feb. 22, is about 9.61 cents below a year earlier.

“This is another modest rise,” Trilby Lundberg, the president of Lundberg Survey, said in a telephone interview yesterday. Another slight jump in the next two weeks is likely as U.S. crude has rallied in that time, she said.

The highest price for gasoline in the lower 48 U.S. states among the markets surveyed was in Los Angeles, at $3.61 a gallon, Lundberg said.

The lowest price was in Tulsa, where customers paid an average of $2.84 a gallon. Regular gasoline averaged $3.59 a gallon on Long Island, New York.

Gasoline futures on the New York Mercantile Exchange rose 0.08 cent to $2.7269 a gallon in the two weeks ended Dec. 6. Wholesale gasoline prices in Chicago declined to 50 cents below futures Dec. 2 as refiners increased fuel production at a time when demand is modest.

Gasoline stockpiles nationwide expanded 1.83 million barrels in the week ended Nov. 29 to 212.4 million, the highest since the week of Oct. 25, according to the Energy Information Administration, the statistical arm of the Energy Department.

To contact the reporters on this story: Bradley Olson in Houston at bradleyolson@bloomberg.net; Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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