U.S. gas prices jump nearly a quarter in two weeks

Story highlights

  • The Lundberg Survey pegs the average U.S. gas price at $3.59 a gallon
  • That's up nearly 25 cents from two weeks ago
  • "Retailers are feeling the pinch," publisher Trilby Lundberg says
U.S. gasoline prices jumped nearly a quarter per gallon over the past two weeks as higher crude oil prices and refinery shutdowns drove prices upward, a nationwide survey reports.
The average price of a gallon of regular stood at $3.59 a gallon on Friday, according to the latest Lundberg Survey. That's up 24.75 cents from the survey's previous canvass of roughly 2,500 filling stations in the continental United States on January 25, publisher Trilby Lundberg told CNN.
"The price had been falling. It bottomed out in late December," Lundberg said. "Wholesale gasoline price hikes were already occurring, and they took on speed in these two weeks. Retailers are feeling the pinch."
While U.S. crude prices have stayed relatively stable, prices on international markets have gone up substantially in recent weeks. And both planned outages and unscheduled maintenance as American refineries gear up for higher demand in the spring and summer have put a crimp in supply, she said.
The highest average prices in the latest Lundberg Survey were in Los Angeles, at $4.10 a gallon. The lowest were found in Billings, Montana, at $3.05.
A sampling of prices in other cities:
-- Albuquerque, New Mexico: $3.14
-- Boston: $3.72
-- Charleston, South Carolina: $3.41
-- Chicago: $3.93
-- Denver: $3.24
-- Houston: $3.41
-- Long Island, New York: $3.93
-- Miami: $3.65
-- Memphis, Tennessee: $3.33
-- Portland, Oregon: $3.51