Gasoline Prices Rise Less Than 1 Cent
Gas prices rose by less than a penny in the last two weeks because of higher prices in Western states and a temporary slowdown in gas production.
The average price nationwide, including all gasoline grades and taxes, was about $1.44 a gallon on Friday, according to the Lundberg survey of 8,000 stations.
That was up 0.65 cent a gallon since June 7.
“Since wholesale buying prices are already in a downward correction, further retail hikes may not occur,” analyst Trilby Lundberg said Sunday. “Nationally, the pump price direction will be determined mostly by OPEC’s upcoming crude oil production decision and whether OPEC members and cooperating countries adhere to agreed quotas.”
The Organization of the Petroleum Exporting Countries will meet Wednesday in Vienna to discuss output levels and pricing.
OPEC supplies about one-third of the world’s oil, and its periodic meetings can have a profound effect on prices.
Prices dropped in most regions of the country. But price hikes in some Western states offset falling national prices.
Current prices remain about 19 cents below gas prices a year ago at this time.
The national weighted average price of gasoline, including taxes, at pumps Friday was about $1.41 per gallon for regular, $1.51 for mid-grade and $1.60 for premium.
