Gas prices have reached $3.97 per gallon, according to a new survey, although prices showed the smallest increase since January
Lundberg Survey Inc. found that gas prices have edged up by 3.74 cents since a previous survey on March 23th, a relatively small increase compared to recent figures. The California-based company surveyed about 2,500 gas stations.
The highest gas prices among cities surveyed were in Chicago, where the average was $4.45 a gallon. The lowest price was found in Tulsa, Oklahoma, where customers paid an average of $3.66 a gallon.
Discussing the relatively modest increase, survey editor Trilby Lundberg told CNN, "The two reasons are the continued flush supply of gasoline and the fact that, in this two-week period, crude oil prices fell."
Crude oil is the main driver of whatever gasoline prices do," she added. "If crude oil stays more or less where it is now, the price hikes will cease. If it goes back up again, we will resume climbing."
In the last two weeks, crude oil prices fell $3.56, from $106.87 a barrel on March 23rd to $103.31 a barrel on April 5th, Lundberg said.
Increasing gas prices have become a key issue in the 2012 U.S. presidential election. President Barack Obama said his administration is monitoring prices in 360 U.S. cities for fraud or price manipulation.
Congress is also reviewing the situation of high gas prices. On March 29th, Senate Republicans blocked a Democratic bill to repeal about $24 billion in tax breaks to oil companies. Republicans have proposed legislation to deal with the issue by examining environmental regulations.
by RTT Staff Writer
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