Gas prices soar; oil price falls
By The Daily News Staff
& The Associated Press
The average U.S. price of a gallon of gasoline has jumped 11 cents over the past two weeks.
The Lundberg Survey of fuel prices released Sunday says the price of a gallon of regular is $3.66. Midgrade costs an average of $3.84 a gallon, and premium is $3.98.
Diesel held steady at $3.93 gallon.
Of the cities surveyed in the lower 48 states, Tucson, Ariz., has the nation’s lowest average price for gas at $3.18. Minneapolis has the highest at $4.27.
In California, the lowest average price was $3.94 in Fresno. The highest was in San Francisco at $4.07. The average statewide for a gallon of regular was $4.03, up 18 cents.
Meanwhile, the price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world’s two largest economies, and a speech by the Federal Reserve chief.
Benchmark crude for June delivery was down 55 cents to $95.47 a barrel in electronic trading on the New York Mercantile Exchange. The price rose 86 cents to close at $96.02 a barrel on Friday.
In energy futures trading on Nymex, wholesale gasoline fell 0.9 cents to $2.89 a gallon.
In Michigan gasoline prices have risen about 10 cents during the past week to a statewide average of about $3.88 per gallon.
AAA Michigan says Monday the average is about 13 cents per gallon more than last year at this time.
Of the cities it surveys, the auto club says the cheapest price for self-serve unleaded fuel is in the Saginaw and Bay City areas, where it’s about $3.83 a gallon. The highest average is in the Marquette area at about $3.95.
“The last seven days have delivered some shocks at the pump for motorists in the nation’s Midwest,” said GasBuddy.com Senior Petroleum Analyst Patrick DeHaan. “I don’t believe I’ve ever seen gasoline prices in the Midwest surpass California- areas of Nebraska, Minnesota, Oklahoma, North and South Dakota, and Kansas- have done that. Gas price records in these areas aren’t being quietly replaced, they’re being blown out of the water. I don’t believe I’ve ever seen such crazy trends in gasoline prices occur all at one- prices spiking in one area, falling in another, and holding steady in others. What we’re seeing today is certainly rare,” DeHaan said.
AAA Michigan surveys 2,800 Michigan gas stations daily. The auto club’s weekly Fuel Gauge report typically is released on Mondays. Due to next week’s Memorial Day holiday, AAA says the next report is expected to be released on May 28.