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Survey: Average U.S. gas prices upVenezuela strike blamed for nearly 6-cent rise
CAMARILLO, California (CNN) -- Americans paid an average of nearly 6 cents per gallon more to fill up their cars during the past three weeks, a survey released Sunday said. The average price per gallon of self-serve regular rose 5.6 cents, to $1.47, continuing the upward trend in pump prices across the nation, the Lundberg Survey found. Publisher Trilby Lundberg cited the six-week-long oil industry strike in Venezuela as the main cause for the price jump. OPEC leaders decided Sunday to increase oil production by 1.5 million barrels a day to offset the nearly 2 million barrels a day being lost to the Venezuela strike, but Lundberg said American drivers won't see immediate relief. "The OPEC increase is not a quick fix to reverse price increases in the United States since not all of that increase in production will be meant for America," Lundberg said.
Venezuela accounts for about 12 percent of U.S. oil imports. Prices were also affected because the oil from Venezuela is what is known as "heavy" oil, which takes more processing to produce the same amount of refined products as lighter oils. "Refineries who have invested in equipment to process heavy oil have been forced to buy lighter oil at higher prices to make up for the loss of Venezuela's heavy oil," Lundberg said. Despite the jump in prices at the pump, though, Lundberg said, the average price is only about a penny higher than two months ago. "So we're not seeing a huge price surge, but the reversal of declines in the prior month," Lundberg said. The survey checks prices at more than 7,000 gas stations in all 50 states and Washington, D.C. Gas was least expensive in Tulsa, Oklahoma, where the average driver paid $1.29 per gallon. Honolulu, Hawaii drivers paid the most, at $1.69 per gallon.
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