Average price of US gasoline jumps 10 cents

Associated Press and Petroleum News

The average price of regular-grade gasoline in the U.S. jumped 10 cents a gallon over the past two weeks to $3.00.

Industry analyst Trilby Lundberg of the Lundberg Survey said May 20 that the price has spiked 41 cents over the past three months.

Lundberg says the increase is largely driven by higher crude oil costs and the phasing-in of summer-grade gasoline, which is used to prevent smog.

The highest average price in the contiguous 48 states was $3.79 in the San Francisco Bay Area.

The lowest was $2.54 in Baton Rouge, Louisiana.

The average price for diesel fuel rose 9 cents, to $3.23.

GasBuddy said May 21 that average retail gasoline prices in Anchorage have risen 3.3 cents per gallon in the past week, averaging $3.27 per gallon May 20, according to a daily survey of 86 gas outlets in Anchorage.

According to gasoline price website GasBuddy.com, the national average rose 4.3 cents in the last week to $2.92 per gallon.

Price changes in Anchorage in the week ending May 20 were 56 cents per gallon higher than the same day one year ago, and 11.2 cents higher than a month ago, with local prices over the past five years ranging from a low of $2.44 per gallon in 2016 to a high of $3.97 in 2013, GasBuddy said. - ASSOCIATED PRESS AND PETROLEUM NEWS