- NEW YORK (Reuters) - The
average retail price of a gallon of gasoline in the United States rose
sharply over the past two weeks to a record high, but may soon decline
as the end of the summer driving season approaches, an industry analyst
said on Sunday.
-
- The national average for self-serve, regular unleaded
gas was $2.6273 a gallon on August 26, up 12.62 cents from two weeks ago,
according to the nationwide Lundberg survey of about 7,000 gas stations.
-
- This set the fourth all-time high this year, up from
the previous record of $2.5011 a gallon set in the last Lundberg survey
on August 12. The average gas price is up about 84 cents a gallon since
early January.
-
- With the Labor Day holiday next weekend -- which is regarded
as the peak of summer driving -- gas prices are set to decline, according
to survey editor Trilby Lundberg.
-
- "If crude oil prices do not rise further, then we
can expect gas prices to peak because demand always falls after August,"
Lundberg said. "Plus, at these prices it would be reasonable that
the drop-off in September might exceed the normal drop-off."
-
- Because of the record prices, Labor Day might actually
show weak demand for gasoline, as holiday driving is more discretionary
than commuter driving, Lundberg said.
-
- "If that is the case, the reduction of price pressure
on gasoline might be even greater than usual," she said.
-
- A general expectation that crude oil prices have peaked
will also help to drive prices lower, she added.
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