Gasoline Prices Rise as Strike in Venezuela Limits Supplies

Gasoline prices rose more than 5 cents a gallon during the last three weeks, an industry analyst said Sunday.

The average weighted price for gas nationwide, including all grades and taxes, was about $1.50 a gallon Friday, according to the Lundberg Survey of 8,000 stations nationwide. Gas cost about $1.45 a gallon Dec. 20, the date of the last Lundberg Survey.

The long-running strike in Venezuela that has virtually shut down oil exports is the biggest factor in the increase, analyst Trilby Lundberg said.

Members of the Organization of the Petroleum Exporting Countries approved a 6.5% production increase Sunday, but that may not alleviate tight supplies, Lundberg said.

“The oil market will probably remain tight for weeks, maybe months. If that is the case, then gasoline prices will probably edge higher,” she said.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.47 a gallon for regular, $1.57 for mid-grade and $1.66 for premium.