Gas prices seem to be on track with the projection that prices will climb as summer approaches. A new survey by Lundberg reveals that gas prices are still on an upward trend – up by nearly a quarter in the past three weeks.
The average of a gallon of self-serve gas is now at $2.30 – up by around 5 cents in just 5 days. The quarter rise in three weeks is its largest given the time span since last year when gas prices were sky high. Experts, however, still say that the $4-gallon is still highly unlikely.
The average price of a gallon of self-serve regular is $2.30, according to the May 15 Lundberg Survey of some 5,000 gas stations around the country. The 25-cent hike is the largest increase in gas prices on a weekly basis since a year ago, but “that’s where the similarity ends,” according to
“It isn’t very unusual for a price hike of this magnitude this time of year,” survey publisher Trilby Lundberg said. The prices cannot catch up with last year” when gas prices were averaging $3.80.
Drivers tend to take advantage of the longer daylight hours in June, July and August. In addition, gas prices are affected by the government’s reformulation requirements, which include limits on vapor pressure and levels of ethanol, a corn-based additive that has increased in price as well.
Lowest average of a gallon can be had in Phoenix, Arizona at $1.99 and the highest is in Chicago, Illinois at $2.63.
Source: CNN
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Tags: Automotives, Gas