Gas prices steady despite oil surge

The average price of gas over the past two weeks was around $2.64 a gallon. Refiners in ‘limping mode’ as demand remains weak.

(CNN) — Prices at the pump held steady over the past two weeks, leaving the nationwide average at $2.64 for a gallon of self-serve regular gasoline, according to a survey published Sunday.

The Lundberg Survey, which tabulates prices at thousands of gas stations nationwide, found the average was a quarter of a penny below the average in the previous survey.

“Refiners are in limping mode from weak demand for fuel, and failed to pass on their higher crude oil prices in this period,” said survey publisher Trilby Lundberg. “It doesn’t seem likely they can recover that lost margin soon because our gasoline demand drops off next month, as it always does in September. So the gasoline glut is going to be deeper.”

Lundberg said demand remains relatively low compared to previous years “because our economy is still very sickly.”

CNN