The average cost in the United States for a gallon of regular gasoline increased nearly 25 cents in the past two weeks, rising steadily since December as factories passed along their prices.
According to Trilby Lundberg, editor of the Lundbeg Survey, gasoline costs averaged $3.5918 per gallon on Feb. 8, a hike by 24.75 cents from Jan. 25.
“The amount of change is very big,” Lundberg said.”The wholesale price increases accelerated in the past two weeks and that’s why we have the big rise.”
The retail cost of regular gasoline in the United States has increased for seven weeks straight, Lundberg said. Rise comes in response to increase from wholesalers.
The recent average cost is up 8.17 cents from a year earlier.
Prices had reduced for 11 weeks between Oct. 5, when gasoline reached near $3.84 per gallon, and Dec. 21, when they began to increase again.
Brent crude oil stocks hit a nine-month increase over $119 a barrel, supported by information that showed strong growth in Chinese oil imports.
Brent’s premium to U.S. oil futures rose on expectations that Midwest crude stockpiles will remain high as constraints on the Seaway pipeline continue to limit shippers in sending crude to the U.S. Gulf Coast.