Gas Prices Hit a Plateau After 2-Month Climb

Gasoline prices nationwide leveled off during the two weeks ending May 18, apparently ending a series of increases that sent prices up 29 cents a gallon over a two-month period, an analyst said Sunday.

The average price of gas, including all grades and taxes, rose only about three-quarters of a cent from May 4 to 18, to $1.76 a gallon, according to the Lundberg Survey of 8,000 stations nationwide.

Though prices remain at an all-time unadjusted high, increased supplies have at least temporarily put an end to the big price hikes that alarmed motorists, said analyst Trilby Lundberg.

“The refiners and marketers have stepped up to the plate to meet the challenge of splintering supplies of the many types of gasoline required around the country to prevent smog,” Lundberg said, “and supplies are no longer so critical.”

Even as demand rises with Memorial Day weekend, prices should remain steady and could fall a couple of cents in many cities, Lundberg said.

She said recent price jumps were due to strain on the market caused by the difficulty of manufacturing the different gas formulas used around the country and were not connected to production cuts by the Organization of the Petroleum Exporting Countries.

The average weighted prices Friday were $1.72 a gallon for self-serve regular, $1.82 for self-serve midgrade and $1.90 for self-serve premium.