Gas Prices Up 7 Cents With Demand
Apr. 09, 2001
CAMARILLO, Calif. (AP) _ Gas prices at the pump shot up 7 cents in the past two weeks, the first such rise since early January, an oil industry analyst said Sunday.
The price increase was due mainly to seasonal demand, said analyst Trilby Lundberg.
The average price of gasoline was about $1.54 a gallon, up 7.1 cents from March 23, according to the Lundberg Survey of 8,000 stations nationwide.
Prices had fallen more than 5 cents per gallon since Jan. 15 as the winter season reduced driving, which in turn reduced the demand for gasoline.
Refineries are also beginning to shift production to special environmentally friendly formulas required in some states. That, plus a routine decrease in refining capacity because of scheduled maintenance, also contributed to the price hike.