Gasoline Price Up Nearly a Penny to $2.26 a Gallon

Markets Associated Press

A woman pumps gas at a station in Falls Church, Virginia (Reuters)

The average price of gasoline in the U.S. inched up about a penny over the past two weeks to $2.26 for regular grade.

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   Industry analyst Trilby Lundberg said Sunday that the price rise came despite a dramatic drop in crude oil prices.

   Lundberg says refiners and retailers kept the margins from oil price cuts to recover from previous losses. She also says a big gasoline tax hike in New Jersey helped push up the national average.

   The Lundberg Survey found the average price of midgrade gasoline remained at $2.54 a gallon while premium rose a cent to $2.76.

   The highest average price for regular gas in the contiguous U.S. was $2.83 in Los Angeles. The lowest was $1.84 in Tulsa, Oklahoma.

   The average price for diesel was $2.46.

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