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Retail gasoline in U.S. little changed, survey shows

The Columbian
Published: June 8, 2014, 5:00pm

Camarillo, Calif. — The average price for regular gasoline at U.S. pumps was little changed in the past three weeks, gaining just 0.35 cent to $3.6911 a gallon, according to Lundberg Survey Inc.

The survey covers the period ended Friday. It’s based on information obtained at about 2,500 filling stations.

The average retail price is 5.26 cents higher than a year ago, the survey said. Gasoline has fallen 3.14 cents since peaking this year at $3.7225 on May 2.

“The main crude oil grades fluctuated rather gently during the period, and on the gasoline side in the U.S., we’ve seen remarkably high refinery capacity utilization, plus an addition to stocks that normally decline this time of year,” said Trilby Lundberg, president of Lundberg Survey.

The highest price in the lower 48 states among the markets surveyed was in San Francisco, at $4.14 a gallon, Lundberg said. The lowest was in Baton Rouge, La., where customers paid an average $3.33 a gallon. Regular gasoline averaged $3.87 a gallon on Long Island, N.Y., and $4.10 in Los Angeles.

“If we assume a steady-as-she-goes for major crude oils, I think we may see some declines at the pump, but they will not be impressive,” Lundberg said. “It will be small down moves unless crude oil prices drop quite a bit.”

Crude inventories fell 3.43 million barrels, or 0.9 percent, to 389.5 million, EIA data show.

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