The Car and Truck Fleet and Leasing Management Magazine

Gasoline Prices Reach Record Highs

April 11, 2008

WASHINGTON, D.C. --- For the second week in a row, the U.S. average retail price for regular gasoline moved higher, setting another all-time record of $3.332 per gallon, reported the Energy Department's Energy Information Administration.  

The price increased by 4.2 cents, 53.0 cents higher than the price a year ago. Prices increased in every region of the country.

The average price on the East Coast went up 2.8 cents to $3.284 per gallon, 52.9 cents higher than the price last year. The price in the Midwest increased by a nickel to $3.299 per gallon, up 55.5 cents from a year earlier. The average price in the Gulf Coast region increased 4.7 cents to $3.253 per gallon, 57.8 cents above the price a year ago. The average price in the Rocky Mountains increased to $3.267 per gallon, up 3.5 cents from last week and some 54.8 cents higher than last year, the EIA reported.

Not only did the average price on the West Coast remain the highest of any region in the country, the price increase there was the largest of the five regions, climbing 5.5 cents to $3.578 per gallon. That's 44.0 cents higher than a year ago. The average price in California increased even more, jumping 7.7 cents to reach $3.685 per gallon, 43.3 cents above the price last year.

Although the U.S. average retail diesel price went down for the second week in a row, the amount of the drop was less than for the previous week --- 0.9 cent compared to a drop of 2.5 cents the week before.

The price of $3.955 per gallon of diesel was $1.115 higher than the price at the same time last year. On a regional basis, the average diesel price for the East Coast went down 0.9 cent to $4.005 per gallon, $1.192 per gallon higher than the price a year ago. In the Midwest, the diesel price dropped 1.2 cents to $3.917 per gallon, $1.082 cents higher than a year ago. The price in the Gulf Coast went down 1.3 cents to $3.894 per gallon, remaining the lowest price of any region.

Diesel prices in the western regions increased slightly. In the Rocky Mountain region, the diesel price moved up 0.2 cent to $3.97.4 cents per gallon, 102.3 cents over a year earlier. On the West Coast, the average price increased 0.3 cent to $4.052 per gallon, $1.131 above the price last year. The average diesel price in California went up 0.6 cent to $4.118 per gallon, $1.140 higher than the price a year ago, the EIA said.

For even more updated fuel price figures, check the EIA charts found at the bottom of the newsletter -- they were released April 14 in the afternoon.

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