Oil and Gas

US gasoline prices inch up in recent weeks: Lundberg survey

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The average price for a gallon of gasoline in the United States rose for the first time in more than two months over the past two weeks, according to the Lundberg survey released on Sunday.

Regular-grade gasoline prices, which had decreased about 37 cents between early September and Nov. 8 to an average of $3.22, inched up 3.4 cents to $3.25 a gallon as of Nov. 22.

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The highest price for gasoline in the survey of major cities in the 48 continental states was in San Diego at $3.58 a gallon. Drivers in Tulsa, Okla., paid the least to fill up at $2.93 a gallon.

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"I think the price rise will continue" because oil refiners have been raising gasoline prices due to recent costlier Brent crude oil, said Trilby Lundberg, publisher of the survey.

Prices at the pump could rise another 10 cents in the next few weeks, she said, though she warned that unpredictable short-term changes in the crude oil market could override her forecast.

The recent rise in crude oil prices predated the nuclear energy agreement announced Sunday between Iran and six world powers that halts further efforts to reduce sales of Iranian oil. Gasoline prices would plunge if the six-month agreement leads to a permanent lifting of oil sanctions, Lundberg said, but added: "In my opinion, the oil market doesn't know what to think of the agreement."

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By Reuters