​Rising Gas Prices Reveals New National Average

Author: John LesterBy:
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July 30, 2012

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Consumers are facing higher gas prices at the pump as wholesalers pass along the rising price of crude oil to them, a widely followed survey said on Sunday.

The Lundberg Survey said the national average price of self-serve, regular gas was $3.51 on July 27, up from $3.41 on June July 13.

That rise was the first in the survey of 2,500 gas stations in the last 14 weeks, which comes out every other or every third week.

Gasoline prices fell over 14 percent from a recent peak of $3.967 a gallon set on April 6 before rising last week. The record high is $4.112 set on July 11, 2008.

Trilby Lundberg, who conducts the survey, in an interview said the rise was because crude stopped falling and wholesalers began passing the price of the higher crude onto the consumer, something that was not seen in the early part of the month.

The price of crude, which Lundberg said “dictates more than any other factor what happens to gas prices,” settled Friday at $90.13 per barrel. That price had been as high as $110.55 as recently as March 1.

U.S. benchmark West Texas Intermediate ended the week higher after data showing a slower U.S. growth rate could open the door for more monetary easing when the Federal Reserve meets on Tuesday.