Average cost of gasoline increases

The Associated Press

Rising crude oil prices raised the average cost of gasoline nationwide by nearly 4 cents per gallon in the past two weeks, according to the Lundberg Survey.

"Higher wholesale gasoline price rises have not yet been entirely passed through to the retail level, and that could increase pressure for another small boost in pump prices," analyst Trilby Lundberg said Aug. 10.

The survey of nearly 8,000 service stations on Aug. 8 showed an average of all grades of gasoline including taxes was $1.59.39, up 3.87 cents since the previous survey on July 25.

Lundberg said the average was nearly 17 cents cheaper per gallon than this year's high on March 21 of $1.76.08. But the Aug. 8 average was about 14 cents more than the $1.45.18 nationwide figure of Aug. 9, 2002.

Lundberg said the decrease in overall gasoline supply may be due to refineries having a "disincentive" to buy crude oil at increased prices.

Crude oil futures prices increased about $2 per barrel during the past two weeks, which is equivalent to about 4 cents in rising prices at the pump, Lundberg said.

Crude oil futures closed at $32.18 per barrel Aug. 8 on the New York Mercantile Exchange.

On Aug. 8, self-serve regular gasoline averaged $1.56.38 per gallon, mid-grade $1.66.13, and premium grade $1.75.30.

The most costly gasoline was in Honolulu with a self-serve regular average of just under $1.96 per gallon. San Francisco was second highest at $1.79.55 per gallon. The cheapest gasoline market was Charleston, S.C., at $1.39 per gallon, she said.