For a second time since March, retail gasoline prices decreased in the Lundberg Survey, while U.S. refineries were at its peak seasonal rates in a decade.
In the U.S., the prices of regular gasoline fell at an average of 5.11 cents in the last three weeks ending April 10 at $2.4480 per gallon, this according to data collected from about 2,500 refilling stations by the Camarillo, California-based company. Prices dropped by $1.16 lower compared to last year.
After its March 6 peak of $2.5384 per gallon, prices of gasoline fell, as refineries finished annual maintenance and increased rates. Both refiners and retailers constricted t gasoline margins amid high demand, said the President of Lundberg Survey, Trilby Lundberg.
“The surging gasoline demand is encouraging refiners and retailers to cut prices whenever they can in order to chase sales,” said Lundberg during a telephone interview, Sunday.
The highest price for gasoline in the markets surveyed was in San Francisco, at $3.13 a gallon, the lowest price was in Charleston, South Carolina, wherein only customers paid an average $2.10 per gallon. Average prize of regular gasoline is pegged at $2.52 per gallon in Long Island, New York, and at $3.09 in Los Angeles.
Meanwhile, the U.S. benchmark priced in Cushing, Oklahoma, the West Texas Intermediate crude, rose $5.92, or 13 % to $51.64 per barrel on the New York Mercantile Exchange in the last three weeks to April 10.
Gasoline futures on the Nymex climbed 1 cent, or 0.5 percent, to $1.8073 a gallon from March 20 to April 10.
At the Nymex, gasoline figures climbed 1 %, or 0.5 %, to $1.8073 per gallon for a month period from March 20 to April 10.
Whereas, the Energy Information Administration data show the U.S. refineries have amplified rates for 5 weeks in a row. They ran the highest seasonal level since 2005 at 90.1 % of capacity in the week ending April 3, up from 89.4 % per week earlier.
However, according to the EIA, gasoline inventories mounted 817,000 barrels to 229.9 million, in the same period.