Gas Prices Jump on Concern About Global Oil Market

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U.S. gasoline rose almost 12 cents over two weeks- survey
Joe Raedle/Getty Images
By Jennifer Saba

NEW YORK -- The average price for a gallon of gasoline in the United States rose nearly 12 cents during the past two weeks as violent crises in three areas of the world heightened concerns in the oil market.

A gallon of regular grade gasoline increased 11.67 cents to an average retail price of $3.41, according to the Lundberg survey released Sunday. In the previous two-week period, the price had declined by less than two cents a gallon.

Developments in three global hot spots in Ukraine, Venezuela and South Sudan caused U.S. wholesale gasoline prices to "zoom up," said Trilby Lundberg, publisher of the survey.

She said she expects the rise in wholesale prices to add yet a few more pennies to the price at the pump.

Even with the latest increase, the current price is lower than a year ago, when the average price for a gallon of gasoline was $3.79.

The lowest price for a gallon of regular gas in the survey was found in Billings, Mont., where the average price was $3.08. The highest price, $3.82 a gallon, was found in San Diego.

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