Survey: Gas prices up a nickel
Average price per gallon is $2.04, back near historic high
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RISING GAS PRICES |
Prices in selected cities, beginning with those in campaign battleground states. |
Des Moines, Iowa | $1.87 |
Cleveland, Ohio | $1.97 | Philadelphia, Pennsylvania | $2.05 |
Denver, Colorado | $1.95 |
Miami, Florida | $2.05 |
Manchester, N. Hampshire | $1.98 | Portland, Oregon | $2.03 | Atlanta, Georgia | $1.94 | Washington, D.C. | $2.02 | Boston, Massachusetts | $2.05 | Seattle, Washington | $2.06 |
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(CNN) -- The average price of a gallon of gasoline has jumped a nickel over the past two weeks and is back near the record high set earlier this year, according to a national survey released Sunday.
A gallon of self-serve regular costs $2.04 on average across the country, the Lundberg Survey found. In May, the cost was a historic $2.07.
After losing 22 cents from May to September, the price has gone back up by 19 cents over six weeks.
Survey publisher Trilby Lundberg warned that higher prices could be on the way, though the spike may be short-lived.
Crude oil prices closed at an all-time high of $55.17 per barrel on the New York futures market Friday, the same day the gasoline survey was taken.
Retail gasoline prices have not gone up as sharply as the cost of oil, Lundberg said.
Although gas prices follow crude oil prices -- a sign that higher costs could be on the way -- the crude oil prices are expected to go down soon, Lundberg said.
One big factor that caused the hike in oil prices was the loss of facilities off the Gulf Coast damaged by hurricanes, particularly Hurricane Ivan in mid-September. But facilities are getting back up and running, Lundberg said.
The Organization of Petroleum Exporting Countries has pushed for increased production and supply is now higher than demand -- so prices are likely to drop, Lundberg said.
She said some refineries will soon finish maintenance projects that have reduced their output.
On the flip side, if winter is colder than usual, higher demand for heating oil would boost demand for crude oil and could push prices back up, Lundberg said.
Gasoline prices have been raised numerous times as an issue in the presidential campaign, with analysts saying high prices could hurt President Bush and draw attention to questions over energy policies.
The Lundberg Survey looked at about 7,000 gasoline stations in all 50 states and Washington, D.C., on Friday.
The lowest price found was in Tulsa, Oklahoma, where a gallon of self-serve regular went for $1.83. The highest was in San Diego, California, at $2.45.
