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U.S. gas prices go up, but may fall

Published: May 5, 2014 4:00 AM

CAMARILLO, Calif. -- The average price of a gallon of regular gasoline in the U.S. rose 3 cents, to $3.72, during the past two weeks, marking the 12th straight week of price hikes at the pump.

That's according to a survey released Sunday.

Industry analyst Trilby Lundberg says gas prices are about to tumble, however, as crude oil and wholesale gasoline prices have started falling due to higher-than-expected crude output in Libya and ample U.S. crude oil stocks and ramped up production of gasoline.

Midgrade gasoline costs an average of $3.13 a gallon, and premium was $4.05 a gallon. Diesel was $4 a gallon.

Of the cities surveyed in the Lower 48 states, the lowest price, $3.34 a gallon, was in Albuquerque, New Mexico. The highest was $4.27 in Los Angeles.

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