Monday, November 25, 2013

Why Gasoline Prices Will Go Higher, Despite Iran Deal

The average price for a gallon of gasoline in the United States rose for the first time in more than two months over the past two weeks, according to the Lundberg survey released on Sunday.

Regular-grade gasoline prices, which had decreased about 37 cents between early September and Nov. 8 to an average of $3.22, inched up 3.4 cents to $3.25 a gallon as of Nov. 22.

"I think the price rise will continue" because oil refiners have been raising gasoline prices due to recent costlier Brent crude oil, said Trilby Lundberg, publisher of the survey.

Prices at the pump could rise another 10 cents in the next few weeks, she said, though she warned that unpredictable short-term changes in the crude oil market could override her forecast.

(Via CNBC/Reuters)

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