Oil and Gas

Average US price of gas jumps 6 cents per gallon, to $2.50

Key Points
  • The average U.S. price of regular-grade gasoline is up 6 cents a gallon (3.8 liters) over the past two weeks, to $2.50.
  • Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that the price at the pump is 9 cents lower than it was a year ago.
Customers pump gasoline at a gas station in the Bronx, where gas prices are over $3.00 per gallon, June 1, 2018 in New York.
Don Emmert | AFP | Getty Images

The average U.S. price of regular-grade gasoline is up 6 cents a gallon (3.8 liters) over the past two weeks, to $2.50.

Industry analyst Trilby Lundberg of the Lundberg Survey says Sunday that the price at the pump is 9 cents lower than it was a year ago.

The highest average price in the nation is $3.29 a gallon in the San Francisco Bay Area.

The lowest average is $2.13 in St. Louis, Missouri.

The average price of diesel rose 3 cents over the past two weeks, to $3.05.

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Key Points
  • The US is now the world's largest oil producer, surpassing Saudi Arabia and Russia, and that has made the crude market more volatile.
  • The policies of President Donald Trump and sanctions on two OPEC members, Venezuela and Iran, also have been key factors in price swings.
  • The US is now producing more than 12 million barrels a day and is on pace to become a net exporter within a few years, a growth story that is a 'seismic event' for the economy, according to IHS Markit vice chairman Daniel Yergin.