January-delivery crude oil slipped 1.3 percent from early- to mid-December, Bloomberg reports, while the price of gas at filling stations in the U.S. increased nearly 0.08 cents per gallon during the same period, according to a survey.
A California-based independent analyst reviewed information from 2,500 gas stations and found the average price of gas increased to $2.988 per gallon, noting fuel’s price would have risen 0.10 had the value of crude not fallen.
"The retail rise would have exceeded a 10-cent rise if it wasn’t for oil’s slippage of $1.17 a barrel, which equates to nearly 3 cents a gallon equivalent," according to Trilby Lundberg an independent analyst of Camarillo.
During the two-week period, crude’s price dipped $1.17 to settle at $88.02 per barrel on the New York Mercantile Exchange. More than half of the 34 analysts interviewed for a Bloomberg survey indicated the price of oil might decline this week.
The "fluctuation in crude prices" is "driving the price of gasoline more than usual," she said. "There aren’t other issues; we have a surplus of gasoline, a surplus of refining capacity and high unemployment."
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