NEW YORK - U.S. average retail gasoline prices remained basically flat over the last two weeks, even thought crude prices rose on fears that military conflict in Iraq could upset Middle East oil supplies, according to a nationwide survey on Sunday.
The national average for self-serve regular unleaded gas rose half a penny to $1.4240 a gallon in the two weeks ended Aug. 23, nearly five cents lower than the level last year, according to the Lundberg survey of 8,000 gas stations.
New York crude oil futures broke above $30 a barrel last week to their highest level for 18 months, on growing oil market concern that the United States could move to oust Iraqi leader Saddam Hussein in coming months.
Gasoline prices have spiked in the past two summers due to very tight supplies, caused by unplanned repairs and maintenance at refiners, among other factors.
The summer season is traditionally the time of peak petroleum demand in the United States as holiday travelers take to the road.
"Prices have remained largely flat for fourth months because of the very close balance between supply and demand," said Trilby Lundberg, editor of the survey.
"Demand surges every summer, but this year our supplies have met this increase."
The most expensive gasoline was found in Honolulu at $1.6448 a gallon, while the cheapest on average was found in Atlanta at $1.2460 a gallon, according to the survey//