Oil prices up but gas prices down

Here we are again with updates for the Lundberg Survey which records changes in price-at-the-pump gas prices in major locales across the US.

The price of a gallon of self-serve gas was pegged at $2.48 – a 4.52 cent drop in a span of two weeks. Experts cite the decreased demand brought about by the slow and tough recovery for consumers and businesses as the cause of the gas price decrease.

While demand growth is expected to be slow, other factors might lend its hand to change the trend in the coming weeks. Crude oil prices in the world market surged 2% Monday.

The jump is attributed to the global economic recovery and the cold weather in the US that is expected to drive demandup. World market prices are pegged at $73 a barrel.

Source: CNN

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