According to the most recent statistics shared by Lundberg Survey Inc, the last two weeks have witnessed a 7.85-cent increase – to $3.84 per gallon - in the average price for regular gasoline at the filling stations in the US.
Going by the Lundberg Survey figures, the average gas price in the country was 17 cents higher than the year-before average; though it is still 13 cents less than the year-thus-far high of $3.96, which was touched on April 6.
The Lundberg Survey – which covered the two-week period that ended on September 7 – revealed that the gas prices at the pump leaped as West Texas Intermediate crude reported a 27-cent advance on the New York Mercantile Exchange during the mentioned weeks.
The survey – based on the details collected by the Camarillo, California-based company from nearly 2,500 gas stations – also showed that there has been a 24 percent increase in gasoline futures since June 28, when they plunged to their lowest level of $77.69 thus far this year.
Moreover, with Hurricane Isaac leading to a cut back in fuel output from refiners along the Gulf Coast – forcing the shuttering of seven plants and curtailed operating rates at four plants -, October-delivery gasoline saw a 3.8 percent rise during the period.
Noting that Hurricane Isaac was “the biggest individual contributor to the price increase” during the mentioned two-week period, Lundberg Survey’s president Trilby Lundberg said: “The storm caused refinery closures and partial closures.”
- Decision on gas price revision taken under RIL’s coercion: Dasgupta
- Government to pay $8.1 billion fuel subsidy in fourth quarter
- Oil firms falls as government considers export parity pricing model
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell