Gas Prices Up Slightly

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Gas Prices Up Slightly

06/24/2002
CAMARILLO, Calif. -- Gas prices rose by less than a penny in the past two weeks because of higher prices in western states and a temporary slowdown in gas production, petroleum analyst Trilby Lundberg said.

The average price nationwide, including all gasoline grades and taxes, was about $1.44 a gallon, according to the Lundberg survey of 8,000 convenience stores. That was up 0.65 cent a gallon since June 7.

"Since wholesale buying prices are already in a downward correction, further retail hikes may not occur," Lundberg said. "Nationally, the pump price direction will be determined mostly by OPEC's upcoming crude oil production decision and whether OPEC members and cooperating countries adhere to agreed quotas."

OPEC is meeting this week in Vienna to discuss output levels and pricing.

Prices dropped in most regions of the country. But price hikes in some western states offset falling national prices. Current prices remain about 19 cents below gas prices a year ago at this time.

The national weighted average price of gasoline was about $1.41 per gallon for regular, $1.51 for mid-grade and $1.60 for premium.