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Gas Prices Set Record, Some Surveys Say

By Joe Benton
ConsumerAffairs.com

August 14, 2006
Gasoline prices hit record highs over the weekend, depending on which survey you read.

Oil industry analyst Trilby Lundberg reports regular gasoline sold for $3.03 a gallon over the weekend surpassing the previous Lundberg Survey record of $3.015 she places at July 21, 2006.

Despite recording the fresh high, Lundberg underscored the importance of price stability in light of geopolitical tensions and supply disruptions.

"Absent any extreme changes in oil or gasoline supply, retail prices are likely to slide," Lundberg said. "There's plenty of gasoline, and gasoline supplies will be even more flush when we're out of the summer driving season."

The Lundberg Survey questions 7,000 gas stations across the country.

The AAA fuel Gauge describes itself as "the most comprehensive retail gasoline survey available" checking with up to 85,000 self-serve stations on a daily basis. At the AAA Fuel Gauge the record price for gasoline is $3.057 set on September 5, 2005.

AAA reports an average price for regular gasoline over the weekend of $3.014.

Nationwide, the lowest price for regular was $2.82 a gallon in Charleston, South Carolina and the most expensive gallon was found in Chicago at $3.29.

Among California cities surveyed, the lowest price was in Sacramento at about $3.05 a gallon for regular, Lundberg said, while the highest price was $3.24 in San Diego. The average price of gasoline in California fell about 3 cents over the past three weeks to $3.17.

Regular gasoline now sells for $3 a gallon or more in 28 states and the District of Columbia.

The Energy Information Administration of the Department of energy has warned gasoline prices will remain near $3 a gallon for the remainder of the summer with no significant decline until the end of the summer driving season following the Labor Day holiday in September.

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