Gas prices jump another 10 cents to $4.10 average

The upward arc of gasoline prices in the United States continues.

The average U.S. price for a gallon of gasoline rose 10 cents in the past two weeks to $4.10, the Lundberg Survey announced, The Associated Press reported Monday.

Mid-grade gasoline averaged $4.22 per gallon; premium, $4.33. Tulsa, Oklahoma recorded the cheapest regular unleaded gasoline in the nation, at $3.76; the Los Angeles and Fresno areas of California, the highest, at $4.59 for regular unleaded.

Further, the average gasoline price is up $1.10 or 36% compared to a year ago. The Lundberg Survey collects price data from 5,000 gas stations nationally.

Further, gasoline's record price rise has renewed a policy debate between Republicans and Democrats in Washington concerning the most effective way to lower gasoline prices, Bloomberg News reported. Republicans favor lifting the ban on offshore drilling, while Democrats favor increasing vehicle fuel efficiency requirements.

Gasoline Analysis: Despite a considerable reduction in U.S. gasoline consumption, year-over-year, U.S. gasoline prices continue to march higher, due to higher oil costs and an inadequate U.S. refinery system. Further, assuming prices follow their historical, seasonal path -- upward through at least the July 4 holiday period -- in the U.S., the average gasoline price is likely to exceed the U.S. Energy Information Agency's estimate of $4.15 per gallon -- a level that will continue to reduce disposable income and lower GDP growth.