Lundberg Survey: U.S Gasoline Average Price Increased, Now at $3.25 per Gallon

The latest Lundberg survey report showed that the average price of gasoline per gallon in the U.S. has increased to $3.25.

According to Lundberg Survey Inc., in the past couple of weeks, the average price of regular gasoline in the United States increased to $3.2517 per gallon.

The survey carried out was conducted from November 9 to 22, and is based on data collected from around 2,500 pumping stations.

The average price, which reached a year-to-date peak of $3.795 last February 22, is more or less 22.02 cents cheaper compared to the gasoline price a year before. The recorded increase is the first one since the period ended last September 6.

The highest gasoline price recorded among the 48 U.S. states surveyed was in San Diego, California, at $3.58 per gallon. The lowest gasoline price, on the other hand, was $2.93 per gallon and it was noted in Tulsa, Oklahoma.

Additionally, regular gasoline price averaged at $3.50 per gallon and $3.54 per gallon in Long Island, New York and Los Angeles, respectively.

Trilby Lundberg, the president of Lundberg Survey, told Bloomberg in a phone interview , “This is the end of the price cutting. He added, “Refiner margins are still squeezed, and now retailers are paying higher wholesale prices so they’re getting squeezed. There’s probably another five to 10 cents increase to come on the street even if crude oil prices don’t jump higher.”

As processing plants upsets and longer-than-expected plant turnarounds decreased supplies, gasoline futures on the New York Mercantile Exchange increased by 17.27 cents or 6.8 percent to $2.7261 per gallon in the past couple of weeks.

According to the Energy Information Administration, the statistical arm of the Energy Department, the gasoline stockpile, on the other hand, decreased to 345,000 barrels in the week ended Nov. 15 to 208.9 million, the lowest since the week of Nov. 23, 2012.