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Gas Prices Headed Up, Analysts Warn

February 27, 2006

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Oil industry expert Trilby Lundberg warns gasoline price declines are for the most part over and she expects the cost of a gallon of gasoline to head up through the spring and summer.

"This year's new fuel reformulation requirements make the spring and summer blends already costlier" than last year, Lundberg said.

"The convergence of previous and new environmental regulations, lower levels of sulfur allowed, for instance, and use of ethanol rather than the additive MBTE will add to the cost and tighten supplies," according to Lundberg.

Lundberg points out that this is the time of the year that refiners draw down gasoline stocks as they perform routine maintenance and repairs in preparation for warmer weather and increased gasoline demand.

The warning comes despite minor declines in gasoline prices. Lundberg’s survey found that the average price of self-serve regular as of February 24 was $2.24 per gallon, down 9-cents over the last five weeks.

"I believe we can expect these price cuts will end soon," she said.

The survey found the lowest cost of gasoline was in Portland, Oregon where a gallon of self-serve regular cost $1.99, and the highest cost in Honolulu at $2.59.

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