U.S. Gas Prices Rise on Consumer Demand

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U.S. Gas Prices Rise on Consumer Demand

NEW YORK -- The average price for a gallon of gas rose again, this time by approximately six cents, to to $1.92 per gallon in the last two weeks, according to the most recent Lundberg Survey of 5,000 U.S. fueling stations, as cited by Reuters.

This marks a total rise of nearly 26 cents since retail gasoline prices bottomed out at $1.66 per gallon five weeks ago, the survey editor, Trilby Lundberg said. Prices hit a peak of $4.11 on July 11.

Lundberg attributed the rise to new U.S. demand for gas.

"The low price of gasoline is pulling demand toward normalization in an otherwise bad economy," Lundberg told Reuters.

The lowest city average for regular grade gas was Cheyenne, Wyo., at $1.57; and the highest was Anchorage, Alaska at $2.37, according to the survey.