U.S. gasoline price increase slowing, survey finds

June 25, 2000
Web posted at: 9:10 p.m. EDT (0110 GMT)

From staff and wire reports

LOS ANGELES (CNN) -- Gas prices rose by four cents a gallon in the last two weeks, but the rate of increase has slowed, said Trilby Lundberg, publisher of the Lundberg Survey.

The average cost of a gallon of self-serve regular gas rose from $1.63 on June 9 to $1.67 on June 23, Lundberg said.

That equals an average rise of two cents a week, but during each of the previous three weeks, the price rise was nearly three cents a week, she said.

VIDEO Reporter Deborah Feyerick looks at what the continued hike in gasoline prices means for U.S. motorists. (June 25) Real 28K 80K Windows Media 28K 80K     PRICING GASOLINE Click here to see how production costs affect the price of gasoline     OIL PRODUCTION Click here to learn about the world's leading oil producers.     GAS BUDGET CALCULATOR Click here to calculate how much you spend each year on gas You'll need Flash to view two of these features. If you don't have it, get it here     MESSAGE BOARD Rising oil prices

Prices fell in a few cities, including Chicago and Milwaukee, where a shortage of the reformulated gas required under regulations that became effective on June 1 has been corrected, Lundberg said.

Summer travel boosts demand

But prices rose in most other cities. Lundberg said that was because peak summer travel has boosted demand for gasoline, and crude oil prices rose more than $2 a barrel.

That lift was despite the June 21 agreement by the Organization of the Petroleum Exporting Countries to raise production by more than 700,000 barrels a day. Lundberg said of the OPEC agreement, "The market sees this as too little, too late."

Prices in Chicago remained the nation's highest, although, at $2.12 a gallon they were down a penny from June 9 prices.

Gas was cheapest in Phoenix, where it cost $1.40 per gallon, up one penny in two weeks. Gas on Long Island was $1.74 a gallon -- up seven cents. It was $1.77 in San Francisco -- up two cents -- and $1.51 in Atlanta -- up 8 cents.

Prices in Milwaukee, where a gallon cost $2.04 two weeks ago, dropped to $1.95. Detroit replaced Milwaukee as the second most expensive city, with prices averaging $2.04, up from $1.91 two weeks ago.

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