The price of a gallon of gasoline in the United States rose 11.49 cents over the past two weeks as profit margins for refiners and gasoline retailers increased, according to the nationwide Lundberg Survey.
The national average for a gallon of regular gasoline rose to $3.9297 on March 23, the survey of about 2,500 gasoline retailers in the continental United States found.
That was a smaller increase than the 12.31-cent rise in the previous survey, which covered the two weeks that ended March 9.
"Profit margins have been exceptionally narrow for quite some time and they have normalized," survey editor Trilby Lundberg told Reuters. "Crude oil price hikes have found their way through to the pump."
The benchmark West Texas Intermediate crude oil closed on Friday at 106.87, down slightly from the March 9 price of $107.40 a barrel.
Lundberg added it was difficult to predict which way gasoline prices would go, but said it would likely take another crude price increase to see a jump in costs at the pump, because the United States is currently sitting on a large cushion of excess refining capacity.