Decline in gas prices won’t last

Posted at 3:53 PM, Dec 23, 2012
and last updated 2012-12-23 15:53:37-05

(CNN) — Gas prices have fallen nearly 12 cents over the last two weeks, continuing a “price crash,” the publisher of a new survey said Sunday.

The average cost of a gallon of regular gasoline is $3.26, down 58 cents over the past 11 weeks, the Lundberg Survey found.

But that good news at the pump is unlikely to continue, says publisher Tribly Lundberg.

“Higher crude oil prices are translating into higher wholesale gasoline prices,” and retailers will need to pass them through, she says. Expect prices to jump 5 or 10 cents per gallon soon.

The average national price is 2 cents higher than it was a year ago.

The Lundberg Survey tabulates gas prices at thousands of gas stations nationwide.

The highest average in the latest survey was in Long Island, New York, at $3.75.

The city with the lowest average was Tucson, Arizona, at $2.90.

Here are prices in some other cities:

Boston – $3.51

Atlanta – $3.19

Miami – $3.33

Chicago – $3.45

St. Louis – $2.97

Minneapolis – $3.17

Houston – $3.03

Denver – $3.06

Seattle – $3.35

San Diego – $3.56

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