U.S. average retail gasoline prices fell slightly over the last two weeks on ample supply, but as peak driving season approaches and crude oil prices gain, pump prices are expected to rise, according to an industry analyst.
The national average for self-serve regular unleaded gas was $1.9047 a gallon on Feb. 18, down about 0.52 cents per gallon from Feb. 4, according to the nationwide Lundberg survey of about 6,000 gas stations.
“This very slight decline (in gas prices) does not portend continued drops unless crude oil prices fall significantly,” survey editor Trilby Lundberg said. “It’s more likely that gasoline prices will, sometime soon, resume rising to catch up with crude oil.”
U.S. crude oil futures ended nearly $1 higher in a shortened session on Friday amid short-covering before the three-day holiday weekend.
“If crude oil prices don’t drop, it’s likely we’ll see pump prices rise,” Lundberg said. She also said gas prices will probably climb as the peak driving summer months get closer.
The price of gas has risen almost 18 cents from a year ago, according to the survey released on Sunday. On Feb. 27, 2004, self-serve regular gas averaged $1.7256 per gallon.
At $2.32 per gallon, Honolulu saw the highest average price for self-serve regular unleaded gas. Cheyenne, Wyoming saw the lowest price — $1.75 per gallon.
