Monday, February 10, 2003

Gas up nearly 11 cents in two weeks

CAMARILLO, Calif. - Gasoline prices jumped nearly 11 cents per gallon over the past two weeks, an industry analyst said Sunday.

The average weighted price for gasoline nationwide, including all grades and taxes, was about $1.63 per gallon Friday, according to the Lundberg Survey of 8,000 stations nationwide.

Gasoline cost about $1.52 a gallon on Jan. 24, the date of the last survey.

"The higher prices at the pump follow price hikes for crude oil and home heating oil," said analyst Trilby Lundberg.

Over the past two months crude oil prices have risen by $8.19 a barrel to $35.12, largely due to fears of war in the Persian Gulf and the oil production strike in Venezuela, Lundberg said.

Increased production in Venezuela despite the strike, warmer weather in the East and seasonal reductions in the demand for crude oil should keep prices steady in coming weeks, Lundberg said.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.60 per gallon for regular, $1.69 for mid-grade and $1.78 for premium.

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