Oil and Gas

Average US gasoline price edges higher, ends 19-weeks of losses: Lundberg

The average price of gasoline in the United States rose less than a cent over the past two weeks, breaking a 19-week-long decline when the price plummeted by 63 cents per gallon, according to a Lundberg survey released on Sunday.

Regular-grade gasoline rose to $2.25 per gallon in the survey conducted on Nov. 6. The price is nearly 70 cents below its level at the same time last year, the report said.

US oil settles down 1%, at $43.87 a barrel

"The small price rise came mostly from crude oil prices, which rose moderately during the period and was enough to spur U.S. refiners to raise wholesale gasoline prices to their accounts by a few cents," survey publisher Trilby Lundberg said in emailed comments.

Lundberg added that the price stability seen over the last two weeks was unusual this year, in which price fluctuations have tended to be much larger. Lundberg said it is "reasonable to suppose" there will be more short-term stability.

But Lundberg added: "Anything is possible with the crude oil market."

In the Lundberg panel of large cities in 48 states, the low average retail price was Baton Rouge, at $1.90 per gallon, and the high was Los Angeles, at $2.88 per gallon.