CAMARILLO, Calif. (AP) – Rising crude oil prices raised the average cost of gasoline nationwide by nearly four cents per gallon in the past two weeks, an industry analyst said Sunday.
The Lundberg Survey of nearly 8,000 service stations Friday showed the average price for all grades of gasoline, including taxes, was $1.59 per gallon, up 3.87 cents since the previous survey July 25.
“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.
Lundberg said the decrease in overall gasoline supply may be due to refineries having a “disincentive” to buy crude oil at increased prices.
Friday’s average was nearly 17 cents cheaper per gallon than this year’s high on March 21 of $1.76, but about 14 cents more than a year ago.
The survey showed self-serve regular gasoline averaged $1.56 per gallon, mid-grade $1.66, and premium grade $1.75.
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