March 07, 2010, 2:34 PM EST
(Adds Lundberg comments in third paragraph.)
By Samantha Zee
March 7 (Bloomberg) -- The average price of regular gasoline at U.S. filling stations rose to $2.7279 a gallon as crude oil advanced.
Gasoline gained 9.58 cents in the two weeks ended March 5, according to a survey ended on the same day of 5,000 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst in Camarillo, California. The price is almost 70 cents higher than the same time a year earlier, she said.
“Crude has climbed and gasoline was playing catch up,” Lundberg said. “And it hasn’t caught all the way up yet. Gasoline doesn’t want to go up, but it is following crude.”
Crude oil surged to the highest level in almost eight weeks on March 5 at $81.50 a barrel, and gasoline rose, after U.S. employment declined less than forecast in February, bolstering optimism that fuel demand will climb.
“At the moment, demand for gasoline continues to be very poor, and it’s at its lowest ebb in January and February, which has a lot to do with weather in the winter months when days are shorter,” Lundberg said.
Motorists bought an average 9.38 million barrels of gasoline a day in the week ended Feb. 26, up 0.3 percent from the previous week, MasterCard said.
Demand for gasoline, as measured by output from refiners and blenders supply to the wholesale market, fell 2 percent to 8.88 million barrels a day last week, the Energy Department reported March 3.
Gasoline for March delivery rose 8.8 percent to $2.271 a gallon on the New York Mercantile Exchange in the two weeks ended March 5.
AAA Average
Regular gasoline at the pump, averaged nationwide, was $2.747 a gallon today, according to AAA, the biggest U.S. motoring organization. It was $1.946 a gallon a year earlier.
On Long Island, regular gasoline averaged $2.84 a gallon, Lundberg said. Los Angeles-area retail stations averaged $3.01.
The highest price among cities surveyed was Honolulu at $3.33 a gallon. The cheapest place to buy gasoline was Cheyenne, Wyoming, where a gallon averaged $2.47, Lundberg said.
Source: http://www.businessweek.com/news/2010-03-07/u-s-gasoline-rises-to-2-73-lundberg-survey-shows-update1-.html
(Adds Lundberg comments in third paragraph.)
By Samantha Zee
March 7 (Bloomberg) -- The average price of regular gasoline at U.S. filling stations rose to $2.7279 a gallon as crude oil advanced.
Gasoline gained 9.58 cents in the two weeks ended March 5, according to a survey ended on the same day of 5,000 filling stations nationwide by Trilby Lundberg, an independent gasoline analyst in Camarillo, California. The price is almost 70 cents higher than the same time a year earlier, she said.
“Crude has climbed and gasoline was playing catch up,” Lundberg said. “And it hasn’t caught all the way up yet. Gasoline doesn’t want to go up, but it is following crude.”
Crude oil surged to the highest level in almost eight weeks on March 5 at $81.50 a barrel, and gasoline rose, after U.S. employment declined less than forecast in February, bolstering optimism that fuel demand will climb.
“At the moment, demand for gasoline continues to be very poor, and it’s at its lowest ebb in January and February, which has a lot to do with weather in the winter months when days are shorter,” Lundberg said.
Motorists bought an average 9.38 million barrels of gasoline a day in the week ended Feb. 26, up 0.3 percent from the previous week, MasterCard said.
Demand for gasoline, as measured by output from refiners and blenders supply to the wholesale market, fell 2 percent to 8.88 million barrels a day last week, the Energy Department reported March 3.
Gasoline for March delivery rose 8.8 percent to $2.271 a gallon on the New York Mercantile Exchange in the two weeks ended March 5.
AAA Average
Regular gasoline at the pump, averaged nationwide, was $2.747 a gallon today, according to AAA, the biggest U.S. motoring organization. It was $1.946 a gallon a year earlier.
On Long Island, regular gasoline averaged $2.84 a gallon, Lundberg said. Los Angeles-area retail stations averaged $3.01.
The highest price among cities surveyed was Honolulu at $3.33 a gallon. The cheapest place to buy gasoline was Cheyenne, Wyoming, where a gallon averaged $2.47, Lundberg said.
Source: http://www.businessweek.com/news/2010-03-07/u-s-gasoline-rises-to-2-73-lundberg-survey-shows-update1-.html
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