Gas Prices Steady Amid Ample Supply

U.S. average retail gasoline prices held steady over the last two weeks due to robust supplies despite increasing demand as summer approaches, according to a nationwide survey released Sunday.

The national average for self-serve regular gas rose less than 1 cent to $1.4278 a gallon in the two weeks ended May 17, 30 cents below the level last year, according to the Lundberg survey of 8,000 gas stations.

Gas pump prices were unchanged over the last six weeks amid heavy scrutiny of the oil industry by U.S. lawmakers and antitrust watchdogs after an earlier 22-cent price spike compared with last year.

“Gasoline supplies are sufficient, whereas last year they were in tight supply,” said Trilby Lundberg, editor of the survey. “Production of gasoline was limited last year by refinery maintenance turnarounds that hit just as higher seasonal demand approached.”

Gasoline prices normally rise in the late spring due to increased consumption as well as more stringent clean-air fuel requirements imposed during the summer.