March 03, 2008
Gasoline, Diesel Prices Continue to Surge Nationwide
WASHINGTON, D.C. --- Gasoline prices have continued their upward climb, increasing in all regions of the U.S., the Energy Department's Energy Information Administration (EIA) reported last week.
The national average retail price for regular gasoline jumped 8.8 cents to $3.130 per gallon as of Feb. 25. This was an increase of 74.7 cents above the price a year ago. Prices on the East Coast rose 10.2 cents to $3.148 per gallon, 81.1 cents per gallon above last year.
In the Lower Atlantic, the average price rose to an all-time high of $3.153 per gallon, surpassing the previous record set September 5, 2005. The Midwest had the smallest increase of any region, moving up by 3.4 cents to $3.080 per gallon. This was 71.0 cents per gallon more than last year. The Gulf Coast price rose by 11.5 cents to $3.056 per gallon, 82.2 cents per gallon higher than the price a year ago. Although the price in the Rocky Mountains increased by 9.2 cents, at $3.051 per gallon, it was the lowest of any region.
Once again, prices on the West Coast remained the highest on a regional basis. The price shot up by 12.8 cents to $3.265 per gallon, 60.1 cents above the price last year. In California, the average price for regular grade surged by 13.7 cents to $3.328 per gallon, 53.2 cents above the price a year ago.
Soaring to $3.552 per gallon, the U.S. average retail diesel price rose sharply to the highest point ever, topping the previous record by almost 11 cents. This was a jump of 15.6 cents from the previous week and $1.001 above the price a year ago.
On a regional basis, aside from the Rocky Mountains, diesel prices also reached all-time record levels. Diesel prices on the East Coast rose the most of any of the five regions, surging up by 16.4 cents to $3.608 per gallon. This raised the price by $1.082 per gallon above the price last year.
In the Midwest, the diesel price rose 16.0 cents to $3.525 per gallon, an increase of $1.002 from a year ago. The diesel price in the Gulf Coast area increased by 14.3 cents to $3.510 per gallon, which was $1.013 above the level a year ago. Once again, the diesel price in the Rocky Mountains was the lowest of any region, moving up 12.3 cents to $3.473 per gallon, 90.5 cents above the price a year ago.
On the West Coast, the average diesel price increased by 15.5 cents to $3.609 per gallon, 81.9 cents above the price a year ago. In California, the average price shot up by 16.1 cents to $3.672 per gallon, 76.1 cents higher than last year.