US gas prices inch up as oil climbs: Lundberg survey

[NEW YORK] The average price of a gallon of gasoline in the United States rose 13 cents in the past two weeks, following a nine-month price slide, due to a rise in the price of crude oil, according to the Lundberg survey released Sunday.

Regular grade gasoline rose to an average price of US$2.20 per gallon, according to the survey dated Feb 6, up from the previous survey on Jan 23.

Gasoline is still down US$1.10 a gallon from the same period a year ago, a decline driven by losses in the crude oil market from its June peak.

But with crude oil prices rebounding in recent weeks, US consumers can expect to pay more at the gas pumps, said survey publisher Trilby Lundberg. "Crude oil hit a bottom and has had a moderate rebound that has worked its way partially to the gas pumps," Lundberg said."We can expect a few more pennies of that waiting in the wings."

On Friday, Brent crude futures closed up at US$57.80, about 19 per cent higher than two weeks ago, marking the best fortnight since 1998. US crude closed up US$1.21, or 2.4 per cent, at US$51.69.

The highest gasoline price within the survey area in the 48 contiguous US states was recorded in San Francisco at US$2.59 per gallon. The lowest price was in Tucson, Arizona, replacing Albuquerque, New Mexico from the last survey, at US$1.82 per gallon.

REUTERS