7-Cent Rise Found in U.S. Gas Prices

The average retail price for self-service gasoline in the U.S. rose 7 cents to $1.55 a gallon during the three weeks ended Friday, according to the Lundberg Survey of about 8,000 filling stations.

A rally in the price of crude oil lifted gasoline, Trilby Lundberg said.

“Suddenly colder weather in the Northeast did add to heating oil demand, which moved prices up for crude oil and therefore for gasoline,” said Lundberg, whose survey company is located in Camarillo.

Crude oil jumped to the highest in nine months last week as freezing weather in the northern U.S. boosted demand for furnace and power plant fuels.

Refiners may strain crude oil inventories as they try to replenish heating oil supplies.

The cost of crude oil for delivery in February went up 5.5% last week, ending at $34.31 a barrel on the New York Mercantile Exchange.

Since mid-September, crude oil prices have climbed 27%.

“Crude oil prices are high enough now that further price increases in gasoline itself would be reasonable,” Lundberg said.

Retail pump prices touched a record in August, according to some surveys. They mostly declined from September through December.

The U.S. city with the lowest average gasoline price as of Friday was Cheyenne, Wyo., at $1.39.

Honolulu was highest, with an average pump price of $1.99.