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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.
Related stories:
- Gas prices jump nearly 3 cents a gallon - April 12, 1998
- Cheap gas era ending? Maybe, but not yet - March 24, 1998
- Gas price drops to inflation-adjusted record low - March 22, 1998
- Analyst: Pump prices plunge to historic lows - March 8, 1998
- Amid war fears, gas prices bottoming out - February 8, 1998
- Gas prices continue to fall - January 25, 1998
- Survey: Gas prices at 2-year low - January 11, 1998
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