Los Angeles

Prices at pump hit record highs

Gas prices jumped nearly 13 cents in the past two weeks, reaching record levels as retail prices began to catch up with soaring crude oil prices, an industry analyst said Sunday.

Prices should continue to rise in the weeks ahead on strong demand and supply problems caused by the transition to cleaner-burning gasoline mixtures as summer approaches, said Trilby Lundberg, who publishes the semimonthly Lundberg Survey of 7,000 gas stations across the country.

The average retail price for all three grades increased 12.74 cents to $2.13 per gallon between March 4 and March 18, according to the survey.

This is the largest price increase since the run-up to May 21, 2004, when prices hit a previous record of $2.10, Lundberg said.

Prices reflect sharp increases in the cost of crude oil in recent weeks, Lundberg said. On Friday, sweet crude for April delivery reached $56.72 a barrel — up more than 8 cents from a month earlier.

That translates into a retail price hike of 20 cents per gallon.

Seasonal changes in the formula used to produce cleaner gas mixtures and building demand also will contribute to higher prices in the weeks ahead, she said.

Calendar

The week ahead

Today

National Association for Business Economics has economic policy conference.

Tuesday

Federal Reserve’s Open Market Committee meets to set interest rate policy.

Congressional Budget Office Director Douglas J. Holtz-Eakin speaks about budget deficits at NABE conference.

Oracle Corp., McCormick & Co. release quarterly reports.

Economic indicators: February producer price index.

Wednesday

Economic indicators: February consumer price index, existing home sales.

Thursday

Economic indicators: February durable goods orders, new home sales.

Friday

Many financial markets closed for Good Friday.

New York International Automobile Show lets public in for “sneak” preview.

Saturday

New York auto show opens.

Trends

Majority of workers go to job while sick

Did you take sick this winter but trudge into the office anyway? Bad, bad you — but you’re hardly alone in carrying your illness into work, according to a survey of 658 people on the subject.

More than three-quarters, 77 percent, said they had reported to work while sick — with more than a third (34 percent) saying they did so because their heavy workload wouldn’t allow otherwise. Another 26 percent said they went in ill because it felt too “risky” in the current era of general economic unease to not show up.

Seventeen percent said they went to work ill because they needed to save sick days for their children.

Only 23 percent said their health came first.

“Employees’ health continues to take a backseat as they succumb to the demands of work and caregiving,” said Richard A. Chaifetz, chairman and CEO of ComPsych Corp., a privately held employee-assistance firm based in Chicago.