CAMARILLO, Calif. Retail gasoline prices increased by 3 cents nationally in the past three weeks, ending a 15-week price crash that began with the Sept. 11 terrorist attacks, according the latest Lundberg Survey.
Gas prices Friday at about 8,000 retail outlets nationwide averaged $1.12 a gallon for self-serve regular, Lundberg reported Sunday. The weighted price per gallon for all grades and taxes was $1.15, up 3.27 cents from Dec. 21, the date of the last Lundberg Survey.
The turnaround had to happen sometime after a glut of gasoline relative to demand developed due to post-nine-eleven weak demand, and from seasonal and economic conditions, Trilby Lundberg told the Associated Press. A slight increase in crude oil prices in the past three weeks supported the gasoline price turnaround.
Prices dropped nearly 45 cents a gallon from Sept. 7 -- the last Lundberg Survey prior to the attacks -- to Dec. 21. Just over a year ago, on Jan. 5, 2001, a gallon of gas cost about 34 cents more than it does now, AP reported. Lundberg said she doesn't expect sharp increases in gas prices soon, barring unexpected developments that could threaten the world's oil supply.
As always, if it is perceived that oil supply anywhere -- but certainly in the Middle East -- appears threatened, crude oil prices will jump, and gasoline prices will respond, Lundberg said.
The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.12 a gallon for regular unleaded, $1.22 for mid-grade and $1.31 for premium, according to the report.
