Gas prices jumped a record 14 cents over the last two weeks. The price per gallon for all grades and taxes on March 22 was $1.38, up more than 14.3 cents per gallon from March 8, according to the Lundberg Survey of 8,000 gas stations nationwide. The last two weeks saw the largest cents-per-gallon increase since the survey began 50 years ago, according to analyst Trilby Lundberg. Among the factors for the price surge include cruide oil prices continuing to rise with an agreement by the Organization of Petroleum Exporting Countries to keep production cuts through June and U.S. oil inventories being down as refineries are gearing up for a seasonal rise in demand that has already started. Prices remain below the $1.56 per gallon back on Sept. 9, and are about 9 cents lower than a year ago, Lundberg said.

Originally posted on Fleet Financials