May 4 The average price of a gallon of gasoline
in the United States rose about 3 cents over the past two weeks,
the smallest gain in what may be one of the last price increases
in the near future, according to the Lundberg survey released on
Gasoline prices have now increased for 12 weeks in a row,
gaining nearly 43 cents, or about 13 percent, since Feb. 7,
Trilby Lundberg, publisher of the survey said.
The latest increase was 3.07 cents to an average retail
price of $3.7225 per gallon of regular grade gasoline, according
to survey, which was conducted on May 2.
Lundberg said she is "convinced the price increases are over
because the price of crude oil, the number one thing used to
determine the price of gasoline, is down substantially in the
past week, and the usage of U.S. refining capacity is at
extremely high rates."
Light crude prices on the New York Mercantile Exchange
have declined 4.8 percent over the last week and a half
from a recent high of $104.77 a barrel on April 24 to the most
recent close of $99.76 on May 2.
"As the wholesale price that distributors pay for gasoline
tumbles, competition among the distributors will drive down the
retail cost consumers pay at the pump," Lundberg said.
Of the cities studied in the lower 48 states, Albuquerque,
New Mexico had the lowest price at $3.34 per gallon, while Los
Angeles ranked highest at $4.27, according to the survey.
(Reporting by Scott DiSavino; Editing by Marguerita Choy)