Gasoline prices surge, survey finds

CAMARILLO, Calif. - Gas prices surged a record 14 cents over the last two weeks as several factors crimped supply and pushed demand skyward.

Friday's weighted price per gallon for all grades and taxes was nearly $1.38, up more than 14.3 cents per gallon from March 8, according to the Lundberg Survey of 8,000 gas stations nationwide.

It was the largest cents-per-gallon increase since the survey began a half-century ago, and followed a nearly 9-cent-per-gallon increase over the two previous weeks, analyst Trilby Lundberg said Sunday. The next-largest two-week jump was a 12.69-cent rise in April 2001.

"There was such a diverse array of powerful elements affecting the price," Lundberg said.

Crude oil prices have continued to rise with an agreement by the Organization of Petroleum Exporting Countries to maintain production cuts through June. U.S. oil inventories are down as refineries continue to perform maintenance to gear up for a seasonal rise in demand that is already beginning.

Refineries serving many urban areas also have to reduce the vapor pressure of their fuel every March to meet emissions requirements, Lundberg said.

Economic recovery in the United States and abroad is increasing demand, as have gas prices that dipped sharply in the months after Sept. 11, Lundberg said.

Prices remain well below the $1.56 per gallon motorists were paying Sept. 9, and are about 9 cents lower than a year ago, Lundberg said.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.35 per gallon for regular, $1.44 for mid-grade and $1.53 for premium.