The nationwide average price of a gallon of gasoline has climbed above $1 for the first time in 16 months, spurred by new state taxes and wholesale price increases, an oil-industry analyst said Sunday.
Despite the overall increase, the most popular grade of gasoline, unleaded regular sold at self-service pumps, remained about eight cents below the $1 mark, said Trilby Lundberg, president of the Lundberg Survey, a national oil-industry newsletter based in Los Angeles.
A survey of 13,000 gasoline stations nationwide completed Friday showed the average price, combining all three major fuel grades, self- and full-service and cash and credit differentials, hit 100.23 cents. The average rose nearly a full cent from the 99.3-cent level found in the last survey three weeks ago.
Lundberg said about one-fourth of the increase from the last survey was due to several states raising various taxes.
The last time the average price exceeded $1 was in March, 1986, but the subsequent collapse of oil prices sent gasoline prices plummeting to an average 84 cents last November.