NEW YORK U.S. average retail gasoline prices rose by nearly 5 cents and are poised to rise further as those who make, distribute, and sell gasoline see their profit margins squeezed, according to an industry analyst.
The national average for self-serve regular unleaded gas was nearly $2.80 a gallon on Friday, up 4.92 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations.
This was about 38 cents below the May 18, 2007, all-time high of more than $3.18.
While gasoline prices moved up just under a nickel in that period, crude oil prices are up the equivalent of 18 cents per gallon, survey editor Trilby Lundberg said.
That missing 13 cents and more will probably turn up at the pump and soon.