Managing the Financial Side of Commercial Fleets

U.S. Average Gasoline Surpasses $3.50 for the First Time

April 24, 2008

WASHINGTON, D.C. – For the fourth consecutive week, the U.S. average retail price for regular gasoline moved higher, setting yet another all-time record of 350.8 cents per gallon, according to the Energy Information Administration (EIA). The price shot up by 11.9 cents from last week, an increase more than double the increase of the previous week. On a regional basis, prices increased throughout the country with the largest increases occurring in the East Coast, Gulf Coast, and the Midwest.

The average price on the East Coast surged, going up by 14.9 cents to 348.4 cents per gallon, 64.9 cents higher than at the same time last year. The price in the Midwest increased by 11.2 cents to 347 cents per gallon, up by 69.5 cents from a year earlier. The average price in the Gulf Coast shot up by 12.6 cents to 341.1 cents per gallon but still remained the lowest price of any region. The average price in the Rocky Mountains increased to 341.6 cents per gallon, up 9.2 cents from the previous week. The West Coast average price increased the least of any region, moving up by 7.2 cents to 373.4 cents per gallon, 51.6 cents higher than a year ago. The average price in California also increased by 7.2 cents to hit 384.6 cents per gallon.

Once again, the U.S. average diesel price increased to a new record high last week, although the weekly gain was somewhat lower compared with the robust pace reported in the prior week. The U.S. average price increased to 414.3 cents per gallon, up by 8.4 cents compared to the 10.4 cent increase of the previous week. Prices increased in all regions of the country albeit at a slightly slower pace than the previous week. The average price for the East Coast increased to 420.7 cents per gallon, going up by nine cents compared to the increase of 11.2 cents of the previous week.

In the Midwest, the price moved up 8.5 cents to 409.8 cents per gallon. The price in the Gulf Coast increased 7.7 cents to 407.7 cents per gallon and remained the lowest price of any region. The increase in the Rocky Mountain region of 7.2 cents was again the smallest increase of any region. The price there of 411.1 cents per gallon was 113.3 cents higher than a year earlier. On the West Coast, the average price went up by 7.9 cents to 425.5 cents per gallon, 130.2 cents higher than last year. The average price in California increased by 8.3 cents to 431.7 cents per gallon.

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