Average Gasoline Price Inches Up to Nearly $2.98

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline edged higher after three weeks of falling prices, reaching $2.978 per gallon as of Feb. 4. That's 0.1 cent above the previous week's price and 78.7 cents over a year ago, the Energy Department's Energy Information Administration (EIA) reported last week.

Regional prices were mixed, with the East Coast average price falling 2 cents to $3.005 per gallon. The Midwest price jumped 4 cents to $2.962 per gallon, 81.9 cents per gallon more than last year. The Gulf Coast had the lowest regional price, as a drop of 0.3 cent brought the price to $2.872 per gallon. The Rocky Mountain price rose 2.7 cents to $2.941 per gallon. Although losing 3.1 cents last week, the West Coast price remained the highest regional price at $3.055 per gallon. The average price for regular grade in California dropped to $3.107 per gallon, 4.1 cents less than the previous week, EIA reported.

The average retail diesel fuel price gained 2.1 cents to reach $3.280 per gallon, 84.5 cents higher than last year. Diesel prices, in fact, rose throughout the country. The highest regional price occurred on the East Coast, where the average diesel price rose 1.1 cents to reach $3.338 per gallon. The lowest regional price, $3.243 per gallon, was in the Midwest following a rise of 2.5 cents. The Gulf Coast tallied the largest increase, settling at $3.247 per gallon after climbing 2.9 cents. The Rocky Mountains had a 2.4 cent increase, bringing the diesel price to $3.260 per gallon. The West Coast diesel price grew 2.4 cents to $3.325 per gallon. California diesel prices jumped 3.1 cents to $3.377 per gallon, EIA reported.