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Gasoline prices rose less than a third of a cent per gallon in the past two weeks as an abundant supply counterbalanced concerns about potential new conflicts in the Middle East, analyst Trilby Lundberg said.
The price per gallon for all grades and taxes was $1.15, up 0.31 cents per gallon from Feb. 8, according to the Lundberg survey of 8,000 gas stations nationwide.
Prices averaged $1.12 a gallon for self-serve regular, less than a penny higher than two weeks ago. Prices tended to rise west of the Rockies, while many motorists in the rest of the country paid less, Lundberg said.
Gas prices have remained stable overall through the beginning of 2002 because two market factors are canceling each other out. "The possibility of conflict in the Mideast is pulling prices up, while at the same time pulling down prices are plentiful supplies of crude oil and gasoline," Lundberg said.
The national weighted average price of gasoline, including taxes, at self-serve pumps was about $1.22 per gallon for mid-grade and $1.31 for premium.