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Gas prices up as crude price increases

By the CNN Wire Staff
  • The latest Lundberg Survey finds prices increased 8 cents
  • A weak dollar has pushed crude prices up
  • The cheapest gas was found in Tucson, Arizona

(CNN) -- U.S. gas prices rose by 8 cents over the past two weeks, pushed up by a spike in crude oil prices, according to a new survey of filling stations.

The latest Lundberg Survey, conducted Friday, found the average price of self-serve regular gasoline was $2.77 per gallon.

That's 8 cents higher than from the last survey, two weeks ago, survey publisher Trilby Lundberg said.

One of the factors behind the rise in gasoline prices is a recent surge in crude prices, she said. A weaker dollar, falling in part because of bad employment numbers and expectations that the Federal Reserve may increase the money supply, are behind the increase in crude prices. On October 8, crude hit a high of $82.66 per barrel. That was up from $73.52 per barrel on September 21.

"We may be seeing perhaps another nickel rise if crude does not withdraw from its recent high," Lundberg said.

The same factors were at play in the rise of diesel fuel prices, which increased by almost 10 cents to $3.09 per gallon.

Lundberg said that a rise in gas prices is an unintended consequence of the policies that the Fed is speculated to take, known as quantitative easing, which is designed to help consumers.

"It is ironic and sad that this would be one of the effects," she said.

The Lundberg Survey sampled prices at about 2,500 gas stations. The highest average prices in the continental United States were found in San Francisco, California, at $3.08. The lowest were in Tucson, Arizona, at $2.51.

Average per-gallon prices in other cities:

Atlanta, Georgia: $2.70

Baltimore, Maryland: $2.72

Boston, Massachusetts: $2.75

Denver, Colorado: $2.65

Houston, Texas: $2.58

Portland, Oregon: $2.90

Tulsa, Oklahoma: $2.65