Gas Prices Edge Up as Summer Driving Season Begins
Economy

Gas Prices Edge Up as Summer Driving Season Begins

Memorial Day Travel Expected To Increase Due To Drop In Gas Prices

The average price of a gallon of regular-grade gasoline rose 4 cents from two weeks ago to $2.84 a gallon, which was the highest since Nov. 21, the Lundberg survey released Sunday showed.

The average price a gallon in the week ended May 29 was about 85 cents lower than a year ago.

Rising crude prices, refinery maintenance and other factors that caused the recent spike in gasoline prices have subsided, said Trilby Lundberg, publisher of the survey.

“Prices have peaked or will likely peak,” she said.

Refinery capacity was about 93.6 percent in the latest week, 3 percentage points higher than a year earlier, she added.

Nationally, among the panel of U.S. cities included in the survey, the cheapest gasoline was found in Tulsa, Oklahoma, at $2.36 a gallon, while Los Angeles had the most expensive at $3.83.

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