Gas tops $3 a gallon, hitting 25-year high

The average retail price of a a gallon of gasoline topped $3 in the United States last week, the highest price in 25 years, according to the latest nationwide Lundberg survey released Sunday.

The national average for self-serve, regular unleaded gas was $3.0150 per gallon on July 21, a rise of almost 2 cents per gallon from two weeks ago when the average was $2.9952, the survey of about 7,000 gas stations said.

Last week’s national average exceeds by one-third cent a high set last year after Hurricane Katrina caused a gasoline shortage, but was still short of an inflation-adjusted peak of $3.16 set in March 1981, survey author Trilby Lundberg said.

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Prices were unlikely to go higher, she said.

“This price increase does not portend more price increases, unless there is a deepened threat to world oil supplies or a force majeure event,” she said.

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Although there are some refinery capacity problems, demand is not growing and probably is shrinking with gas at more than $3 a gallon, Lundberg said.

The highest price for gasoline was found in San Diego at an average $3.28 a gallon, and the lowest regional average was in Charleston, South Carolina, at $2.77 a gallon, she said.