Gas Prices Stable Despite Strong Demand

Gasoline prices declined nationally by less than a penny in the last two weeks, reflecting continued stability in prices despite strong consumer demand.

Prices at the pump have fluctuated by only 2.5 cents since April, analyst Trilby Lundberg said Sunday.

“The continued adequacy of gasoline supply and very little change in the cost of crude oil gives us this relative price stability,” Lundberg said.

Despite increased summer driving demand, gasoline supplies remained plentiful during the two-week survey period that ended Friday.

Nationwide, the price of gas at the pump averaged about $1.45 per gallon on Friday, according to the Lundberg survey of 8,000 stations. That was down less than a penny over the last two weeks.

The average has remained relatively steady since peaking at $1.46 in early April, Lundberg said.

The national weighted average price of gasoline, including taxes, at self-serve pumps was about $1.42 per gallon for regular, $1.52 for mid-grade and $1.61 for premium.

“There appears to be plenty of supply to continue to meet current demand,” Lundberg said.