Gas Prices Leveling Off

NEW YORK – A recent trend toward higher gasoline prices appeared to level off in early March, with the average price increasing little more than a penny per gallon over the past two weeks, according to a nationwide survey released March 14.

Gas price hikes have slowed or stopped in much of the country after a strong surge in the first two months of the year, said Trilby Lundberg, publisher of the Lundberg Survey.

The survey, which canvasses about 7,000 U.S. filling stations, found the average price of a gallon of self-serve regular gasoline increased 1.26 cents between Feb. 27 and March 12, to $1.74. Lundberg said most refineries have completed repairs that limited supply, a factor that contributed to the earlier increase in prices.

“In some parts of the country retail prices are declining,” she said.

Whether the rest of the country sees a decline was largely in the hands of the Organization of Petroleum Exporting Countries (OPEC), whose members agreed to restrict their output starting April 1 and to enforce its reduced quotas. In addition, fuel prices typically increase in spring and summer as demand increases.

“If OPEC stays with its decision to reduce oil output again by April 1, then little price relief at the pump can be expected,” Lundberg said “Its decision to cut its official output and to discipline members to not cheat above their quotas in order to make more money is certainly unpopular with consuming countries.”

Tulsa, Okla., was home to the nation’s cheapest regular gasoline, at $1.52 per gallon, the Lundberg Survey found. The most expensive gas could be purchased in San Diego, at $2.18 per gallon.

Prices in other cities include:

Source: CNN/Money