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Gasoline prices inch upward
2/16/2004
CAMARILLO, Calif. (AP) - Gasoline prices for all grades rose 3.61 cents in the past three weeks to a national average of $1.68 per gallon, according to a report released Sunday.
With the latest increase, retail prices have risen more than 17 cents a gallon since late December. The Lundberg Survey of 8,000 stations nationwide was conducted Feb. 13.
The price of retail diesel fuel also increased 3 cents to a national average of $1.69 per gallon.
Analyst Trilby Lundberg said several factors were responsible for the hike, including OPEC's decision to cut oil production by 1 million barrels a day beginning April 1, rising crude oil prices and cold weather that increased the demand for heating oil.
The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.65 for regular, $1.75 for midgrade, and $1.84 for premium.
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