U.S. Gas Prices Up 8 Cents Over 2 Weeks

CAMARILLO, Calif. June 26, 2005; The AP reported that gas prices surged an average of 8 cents a gallon during a two-week period, tracking the steep climb in the cost of crude oil, according to an industry survey Sunday.

With the summer driving season under way, the average retail price for all three grades of gas hit $2.24 a gallon on Friday, up from $2.16 on June 10, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations around the country.

The price was 8 cents from the all-time average high of $2.32 set in April.

Last week, crude oil futures settled at a record of just below $60 a barrel, after prices jumped on speculative buying and fears of supply disruptions. Lundberg said pump prices are being supported by demand, which continues to grow.

The jump in gas prices arrested a gradual slide that had been taking place at the pump since April.

According to the survey, self-serve regular averaged $2.21 a gallon, up from $2.13 from the June 10 survey. That's an increase of about 4 percent. Midgrade was pegged at $2.31 nationwide, with premium-grade hitting $2.40.

Among the stations included in the survey, the highest price for unleaded regular was in Honolulu at $2.46 a gallon.

The lowest was in Charleston, S.C., at $2.04 a gallon.