Gas prices climb more than 2 cents a gallon
May 10, 1998
Web posted at: 11:49 p.m. EDT (0349 GMT)
LOS ANGELES (CNN) -- Gasoline prices have climbed by more than 2 cents a gallon in the last two weeks, according to the latest Lundberg Survey of 10,000 stations nationwide.
Gas prices have continued to rise since March 20, when they bottomed out, and have now climbed 6.5 cents in less than two months. The March 20 average of $1.07 was the lowest inflation-adjusted price since 1920.
The survey of prices for the two-week period ending Friday showed that a weighted average of all grades -- self-serve and full-serve -- was up 2.69 cents from April 24 to about $1.14 a gallon.
The price of the market leader, self-serve regular, was more than $1.08 a gallon, up 2.73 cents.
Trilby Lundberg, editor and publisher of the survey, said prices are rising "essentially because they were so low before." Gasoline fell about 25 cents per gallon between September and early March.
She said further price increases can be expected but would not predict how much. Lundberg said the May 8 survey is the last before the Memorial Day holiday.