U.S. average gasoline price rises 9 cents a gallon

LOS ANGELES, California (CNN) -- The average price of self-serve regular gasoline in the United States rose 8.6 cents a gallon during the past two weeks, according to a survey released Sunday.

Although the $1.72 figure is the highest price ever for gasoline, the price still falls short of March 1981 prices when adjusted for inflation, the survey said.

Trilby Lundberg, publisher of the Lundberg Survey, said the current average price is the highest price ever, passing the June 2000 record by 4 cents a gallon.

But if inflation is factored in, gas prices are about $1 less per gallon than the 1981 price. Using May 2001 dollars, the 1981 price would have been $2.76.

OPEC IN BRIEF Organization of Petroleum Exporting Countries Founded 1960 11 member countries who coordinate their oil production policies in order to help stabilize the oil market and to help oil producers achieve a reasonable rate of return. Supplies over 40% of world oil Controls around 78% of total proven world crude oil reserves Secretariat based in Vienna Source: OPEC   RESOURCES Gas budget calculator How production costs affect the price of gasoline (requires Flash) The world's leading oil producers (requires Flash)     MESSAGE BOARD Discuss gasoline prices

The Lundberg Survey tallies gas prices every two weeks at more than 8,000 stations nationwide. The current average price is unadjusted for inflation.

The rate of increase in the May 4 survey was down significantly from what it had been during the previous two weeks, when prices zoomed nearly 13 cents per gallon.

Lundberg said supplies have gone up during the past two weeks, helped by an increase in imports.

The Organization of Petroleum Exporting Countries (OPEC) cartel is not to blame for the prices, Lundberg said. "More crude would not help us. ... Refineries are cranking out about as much as they can to supply spring demand. I think it has alleviated somewhat. That's why we see a much lower increase this time than last time."

As was the case two weeks ago, the greatest increases were in the Midwest, followed by the West. Prices peaked in Chicago at $2.02. Atlanta had the lowest prices at $1.46.

Lundberg said multiple layers of anti-smog requirements in the formulation of gasoline also contributed to the rise.

Other prices across the United States found by the Lundberg Survey include:

  • San Francisco: $2

  • Miami: $1.66

  • Dallas: $1.65

  • Hartford: $1.75

  • Detroit: $1.85

  • Baltimore: $1.67

  • Los Angeles: $1.90

  • Memphis: $1.57

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Lundberg Survey
Organization of Petroleum Exporting Countries

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