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The average price of a gallon of gasoline rose 1.87 cents over the past two weeks, but it could have gone higher had refiners and retailers not absorbed most of the crude oil price increases resulting from the crisis in Iraq. According to the closely-watched Lundberg survey, the average price rose to $3.71 per gallon for regular grade gasoline. Crude oil has risen amid questions over access to Iraq's oil supply during the Sunni Muslim insurgency. Refiners and retailers did not pass through the $5 to $6 per barrel increase in crude oil prices during the two-week period of the survey. That means their margins have shrunk and they are likely to pass it on soon to customers.
- Reuters
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