U.S. gasoline prices edge up to $1.94/gallon: survey

Average U.S. retail gasoline prices rose in the past two weeks as early signs emerged that demand was finally rebounding after motorists' lengthy aversion to high pump prices, according to the latest nationwide Lundberg survey on Sunday.
The average national price for self-serve regular unleaded gasoline was $1.9443 a gallon on February 20, up 2.55 cents per gallon in the past two weeks, according to the survey of gas stations.

The average price has risen about 28.21 cents from a recent bottom on December 19, but is still $2.17 below the all-time high of $4.1124 a gallon set last July 11. The current gasoline price is also down $1.16 from the same period last year.
Demand fell sharply after the summer, when high prices drove consumers from the pumps. But a sharp price drop from July to December is beginning to bring motorists back, survey editor Trilby Lundberg said in an interview.

"Demand seems on a preliminary basis to have actually grown slightly in the past month," she said. "It represents an improvement for the country's retailers and suppliers of gasoline ... and motorists are no longer cutting back on their use of gasoline."
Lundberg noted that crude oil prices had stabilized in the last month, relative to the volatility seen late last year, allowing gasoline prices to better reflect demand.
"Little change is the most likely scenario" in the next few weeks, she said.
At $2.39 a gallon, Anchorage, Alaska had the nation's highest average price for self-serve regular unleaded gasoline, while the lowest price was $1.60 a gallon in Cheyenne, Wyoming, the survey said.



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