Installing GNU parallel utility on Ubuntu 14.04

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I am trying to install GNU parallel utility on my local ubuntu 14.04.
I downloaded the tar file from
The version is parallel-20140622.tar.bz2.
This got downloaded into my Downloads folder and then I opened a terminal and then changed my directory to Downloads and then used
tar -xjf parallel-20140622.tar.bz2 ; cd parallel-20140622; ./configure ; make;make install

But it gives me this error:
[email protected]:~/Downloads/parallel-20140622$ make
make all-recursive
make[1]: Entering directory `/home/varun/Downloads/parallel-20140622′
Making all in src
make[2]: Entering directory `/home/varun/Downloads/parallel-20140622/src’
make[2]: Nothing to be done for `all’.
make[2]: Leaving directory `/home/varun/Downloads/parallel-20140622/src’
make[2]: Entering directory `/home/varun/Downloads/parallel-20140622′
make[2]: Leaving directory `/home/varun/Downloads/parallel-20140622′
make[1]: Leaving directory `/home/varun/Downloads/parallel-20140622′
[email protected]:~/Downloads/parallel-20140622$ make install
Making install in src
make[1]: Entering directory `/home/varun/Downloads/parallel-20140622/src’
make[2]: Entering directory `/home/varun/Downloads/parallel-20140622/src’
/bin/mkdir -p ‘/usr/local/bin’
/usr/bin/install -c parallel sem sql niceload ‘/usr/local/bin’
/usr/bin/install: cannot create regular file ‘/usr/local/bin/parallel’: Permission denied
/usr/bin/install: cannot create regular file ‘/usr/local/bin/sem’: Permission denied
/usr/bin/install: cannot create regular file ‘/usr/local/bin/sql’: Permission denied
/usr/bin/install: cannot create regular file ‘/usr/local/bin/niceload’: Permission denied
make[2]: *** [install-binSCRIPTS] Error 1
make[2]: Leaving directory `/home/varun/Downloads/parallel-20140622/src’
make[1]: *** [install-am] Error 2
make[1]: Leaving directory `/home/varun/Downloads/parallel-20140622/src’
make: *** [install-recursive] Error 1

How to fix this?

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