The average price per gallon of self-serve regular gasoline is $2.66, up 16.68 cents from two weeks ago, the Lundberg Survey found.
The price, an average of thousands of gas stations nationwide, is $1.34 lower than a year ago. Last year in June, retail gas prices were nearing $4, and stayed at that level or above until late July. The most recent increase is not a reflection of increased demand, according to survey publisher Trilby Lundberg. “It’s a direct result of continued increases in the price of crude, with crude oil itself responding to a flight from the weaker dollar on the expectation of rising inflation from federal monetary policy,” Lundberg said. “Demand is not increasing. It is shrinking.” Lundberg said there is no reason to expect gas prices will reach the $4-plus levels of last summer but “it might certainly feel that high to many consumers, especially those who are unemployed.” The city with the lowest average price in the survey was Tucson, Arizona, at $2.41, for a gallon of self-serve regular. The highest average was in San Francisco, California, at $2.99. Here are the average prices in some other cities: Houston, Texas: $2.45 St. Louis, Missouri: $2.45 Denver, Colorado: $2.49 Atlanta, Georgia: $2.52 Boston, Massachusetts: $2.63 Seattle, Washington: $2.82 Chicago, Illinois: $2.92