PETROLEUM NEWS: Gas Prices Up 4 Cents in Past Three Weeks

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PETROLEUM NEWS: Gas Prices Up 4 Cents in Past Three Weeks

NEW YORK -- Bloomberg News reported yesterday that increases in crude oil prices caused U.S. gasoline prices at the pump to rise 4 cents over the past three weeks to an average of $2.22 a gallon.

According to a survey of about 7,000 stations nationwide, conducted by Trilby Lundberg, the highest price for self-serve regular gasoline was $2.76 per gallon in Honolulu, while the lowest was $2.01 in Billings, Mont. On New York's Long Island, the price was $2.32 a gallon, according to the report.

Wholesale gasoline futures traded in New York rose to the highest point this year in the week ended Feb. 2, amid rising consumption, said Bloomberg. Average demand over the past four weeks totaled almost 9.1 million barrels a day, 3.9 percent higher than the same period a year ago, according to the Energy Department.

The report also said that crude oil futures in New York rose 19 percent since a 52-week low on Jan. 18 as colder temperatures ended a spell of above-normal warmth in much of the U.S. Gasoline inventories reported by the U.S. government have increased for the past nine weeks.

OPEC pledged to cut 500,000 barrels of oil a day from supplies starting this month, on top of a 1.2 million barrel-a-day reduction on Nov. 1.