U.S. gas prices hit recent high
July 25, 1999
LOS ANGELES (CNN) -- Gas prices have spiraled upward over the last two weeks, continuing a price hike linked to production cuts and improved overseas economies.
The biweekly Lundberg Survey of gas prices at 10,000 U.S. gas stations shows that the average price of all grades of self- and full-service gasoline rose to just under $1.27 per gallon -- up 5.18 cents since July 9, a significant rise.
The average price of self-service regular rose 5.31 cents to just over $1.21 per gallon.
Gas is now at its highest price in just over a year-and-a- half, and the two-week price hike is the largest since mid- March, survey publisher Trilby Lundberg told CNN.
"The drama here is that as Asian countries continue to come back economically and OPEC cuts back, you have $20 a barrel for oil. In February, it was only $11 or $12 a barrel," Lundberg said.
"The price of crude oil has pulled gas prices up, but it doesn't seem crude will rise much further. It may not even hold," she said.
The most expensive self-service regular gasoline was found in San Francisco at just under $1.64 per gallon.
The least expensive self-service regular gasoline was found in Atlanta at just over $1.03.
Gas prices on rise
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