GASOLINE PRICES UP ANOTHER 7 CENTS IN PAST TWO WEEKS..BUT MAY FALL

by Bob Hamilton on 05/09/2010, 08:52 PM

Tags: gasoline

 

The Lundberg survey reported yesterday that the national average for gasoline is at $2.92. That's an increase of 7 cents per gallon in the past two weeks and 62 cents higher than a year ago at this time.  But, Lundberg pointed out that the price of crude oil has also dropped about $1.78 per gallon in the past two weeks...it has fallen to $74.51 from $87 just a week ago.  Worries over the Euro zone's debt crisis has had an impact.  But, even greater is the continued high unemployment in the U.S. and the lack of demand as a result. "The price of gasoline will fall possibly quite steeply -- at least some of those price cuts will be passed through by retailers to motorists" Trilby Lundberg predicted yesterday.