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Gas Prices Up

CAMARILLO, Calif. -- Gas prices rose less than half a cent per gallon in the past two weeks as supplies of crude oil and refined gasoline remained steady, according to the Lundberg Survey.

Prices Friday at about 8,000 convenience stores nationwide averaged $1.11 a gallon for self-serve regular, essentially unchanged from two weeks ago, analyst Trilby Lundberg said yesterday.

The average price per gallon for all grades was $1.14, up 0.41 cents per gallon from Jan. 27, the date of the last Lundberg survey.

Gasoline prices are still historically low and will likely remain so despite an agreement by oil producing nations to decrease production, Lundberg said.

Gas prices remain 41.9 cents below what they were shortly before the Sept. 11 terrorist attacks, and 37.9 cents below what they were one year ago.

"Although prices are up nearly half a cent on average, I don't see any big price surge on the near horizon," Lundberg said. "There's still plenty of oil and gasoline in the world and in the U.S. and we use less gasoline this time of year than we will require later on."

The national average price of gasoline self-serve pumps was about $1.21 per gallon for mid-grade and $1.30 for premium.
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