U.S. Gasoline Average Surpasses $3.50

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 $3.508 per gallon, the U.S. Energy Department reported Wednesday, April 23.

The price shot up by 11.9 cents from the previous week, an increase more than double the increase of the week before. On a regional basis, prices increased throughout the country, with the largest increases occurring in the East Coast, Gulf Coast and the Midwest, the department's Energy Information Administration (EIA) reported.

The average price on the East Coast surged, climbing 14.9 cents to $3.484 per gallon, 64.9 cents higher than the price at the same time last year. The price in the Midwest increased by 11.2 cents to $3.47 per gallon, up 69.5 cents from a year earlier. The average price in the Gulf Coast shot up 12.6 cents to $3.411 per gallon but still remained the lowest price of any region, the EIA said.

The average price in the Rocky Mountains increased to $3.416 per gallon, up 9.2 cents from the previous week. The West Coast average price increased the least of any region, moving up 7.2 cents to $3.734 per gallon, 51.6 cents higher than a year ago. The average price in California also increased by 7.2 cents to hit $3.846 per gallon.

Once again, the U.S. average diesel price increased to a new record high during the week, although the weekly gain was somewhat lower compared with the robust pace reported in the prior week. The U.S. average diesel price increased to $4.143 per gallon, up 8.4 cents compared to the 10.4-cent increase of the previous week, the EIA reported.

Diesel prices increased in all regions of the country, albeit at a slightly slower pace than the previous week. The average diesel price for the East Coast increased to $4.207 per gallon, going up 9 cents compared to the increase of 11.2 cents the previous week.

In the Midwest, the average diesel price moved up 8.5 cents to $4.098 per gallon. The price in the Gulf Coast increased 7.7 cents to $4.077 per gallon and remained the lowest price of any region.

The Rocky Mountain region's increase of 7.2 cents was again the smallest of any region. The diesel price there of $4.111 per gallon was $1.133 higher than a year earlier. On the West Coast, the average diesel price went up 7.9 cents to $4.255 per gallon, $1.302 higher than last year. The average price in California increased 8.3 cents to $4.317 per gallon.