Big Price Spike at the Pump

By: Associated Press
By: Associated Press

Motorists are feeling more pain at the pump.

Gasoline prices have gone up an average of 20 cents per gallon nationwide in the past two weeks.

According to the Lundberg Survey, the average retail price of self-serve regular gas is two dollars, 55 cents a gallon.

Nationwide, the highest average price for regular gas was three-ten per gallon in San Francisco. The lowest was two-22, in Anchorage, Alaska.

Analyst Trilby Lundberg says concerns over falling gasoline inventories from decreased refinery production and fewer imports have boosted oil and gasoline prices lately.

On Wednesday, the government reported that total U.S. motor gasoline inventories fell by three-point-eight (m) million barrels to 216-point-four (m) million barrels. That's a sharper decline than the one-point-four (m) million-barrel drop that analysts had expected.

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