March 14, 2008
U.S. Gasoline Highest Price in History
WASHINGTON, D.C. --- Gasoline prices this week rose in all regions of the country, with the U.S. average retail price reaching its highest point in history, $3.225 per gallon, the Energy Department reported. That was an increase of 6.3 cents from the previous week and 66.6 cents more than the price a year ago.
Prices on the East Coast increased by 2.6 cents to $3.194 per gallon, 66.1 cents per gallon more than the price last year. Once again, the average price in the Lower Atlantic was at an all-time high, increasing by 3.1 cents to $3.208 per gallon, reported the Energy Department's Energy Information Administration (EIA).
Unlike last week when the Midwest was the only region of the country where the average price was unchanged, this week the price there surged by 11.1 cents to $3.191 per gallon, up by 70.4 cents per gallon from a year ago, EIA said. The Gulf Coast average gasoline price shot up by 4.3 cents to $3.131 per gallon, the highest price in history for the region and 3.9 cents per gallon above the previous record reached May 21, 2007.
Although the price in the Rocky Mountains increased by 2.1 cents to $3.109 per gallon, the average price there was the lowest of any region. The average price on the West Coast remained the highest of any region in the country, jumping 7.1 cents to a reach a new all-time high for the second week in a row. The average price of $3.457 per gallon was 53.7 cents higher than a year ago. In California, the average price for regular grade jumped by 7.8 cents to $3.537 per gallon. While this was just 46.9 cents above the price a year ago, it surpassed the previous all-time high price set May 7, 2007 by 7.6 cents, EIA said.
For the fourth week in a row, the U.S. average retail diesel price continued its rapid rise. The price surged up by 16.1 cents to $3.819 per gallon and reached an all-time high for the third consecutive week. The diesel price was $1.134 above the price a year ago. On a regional basis, diesel prices remained at all-time high levels in all regions of the country.
On the East Coast, the average diesel price shot up 17.0 cents to $3.870 per gallon, $1.201 per gallon above last year. In the Midwest, the diesel price jumped by 14.5 cents to $3.784 per gallon, up $1.111 from a year ago. The diesel price in the Gulf Coast surged, shooting up by 18.9 to reach $3.798 per gallon, the largest increase of any region, EIA reported.
Once again, the average diesel price in the Rocky Mountains remained the lowest of any region. Nonetheless, the price there jumped up to $3.732 per gallon, an increase of 15.9 cents and 99.6 cents per gallon above last year. On the West Coast, the average diesel price shot up by 14.9 cents to $3.885 per gallon, $1.074 above the price a year ago. The average diesel price in California grew by 15.2 cents to $3.955 per gallon, $1.056 higher than last year, EIA reported.