The Car and Truck Fleet and Leasing Management Magazine

Gasoline, Diesel Prices Continue to Climb

March 22, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline this past week increased by 5.9 cents to hit a new high of $3.284 per gallon, up 70.7 cents above the price last year.

The average price on the East Coast reached a new all-time high of $3.253 per gallon, surpassing the previous record set in September of 2005, the Energy Department's Energy Information Administration (EIA) reported. The price increased by 5.9 cents from the previous week and was 70.5 cents above the price last year.

The average price in the Lower Atlantic remained at an all-time high, shooting up another 6.3 cents to reach $3.271 per gallon. The price in the Midwest rose 6.1 cents to $3.252 per gallon, an increase of 76.7 cents from a year ago. Despite the strong increase, the price remained 7.4 cents below the all-time-high price in the region set May 21, 2007. Although the price increase for the Gulf Coast region was the smallest of any region for the week, the increase of 4.6 cents nonetheless drove the price to $3.177 per gallon, the highest price in history for the region and 76.9 cents higher than the price a year ago.

The price in the Rocky Mountains shot up by 6.9 cents to hit $3.178 per gallon, but remained 9.8 cents below the all-time-high price of May 28, 2007. The average price on the West Coast remained the highest of any region in the country, climbing 6.6 cents to $3.523 per gallon. For the third consecutive week, this was a new record high and was 54.6 cents above the price last year. In California, the average price for regular grade jumped by 6.7 cents to $3.604 per gallon -- 48.3 cents above the price a year ago, EIA reported.

For the fifth week in a row, average retail diesel prices continued their rapid ascent. For the fourth consecutive week, the U.S. average price for retail diesel reached an all-time high. At $3.974 per gallon, the U.S. average increased by 15.5 cents and was up by $1.293 over the price a year ago.

On a regional basis, diesel prices remained at all-time-high levels in all regions of the country, exceeding $4.00 per gallon in some regions. On the East Coast, the average diesel price surged up by 16.5 cents to $4.035 per gallon, $1.374 per gallon above last year. In the Midwest, the diesel price jumped by 17.4 cents to $3.958 per gallon, up $1.292 from a year ago.

The diesel price in the Gulf Coast rose by the smallest amount of any region, but still increased 11.6 cents to reach $3.914 per gallon. Although the average price in the Rocky Mountains increased by 16.0 cents, at $3.892 per gallon, it was the lowest of any region.

On the West Coast, the average diesel price shot up by 13.3 cents to $4.018 per gallon, $1.205 above the price a year ago. The average diesel price in California grew by 12.8 cents to $4.083 per gallon, $1.208 above the price a year ago.


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