U.S. Gasoline Prices Soar to New Record High

WASHINGTON, D.C. --- Reversing the drop of last week, the U.S. average retail price for regular gasoline rose by 3.1 cents to reach a new all-time high of $3.290 per gallon, surpassing the previous high set two weeks earlier, the Energy Department reported.

Prices on a regional basis increased throughout the country, according to the Energy Department's Energy Information Administration (EIA). The average price on the East Coast went up by 1.5 cents to $3.256 per gallon, 58.5 cents higher than the price last year.

The price in the Midwest increased the most of any region, rising 5.7 cents to $3.249 per gallon, an increase of 63.5 cents from a year ago. But the price was still 7.7 cents below the all-time high price for the region that occurred in May of 2007.

The average price in the Gulf Coast region increased 4 cents to $3.206 per gallon, 64.1 cents above the price a year ago. The average price in the Rocky Mountains increased by 3.4 cents to $3.232 per gallon, 61.3 cents higher than last year, the EIA said.

Once again, the average price on the West Coast was the highest of any region in the country. The average price moved up by 0.6 cent to $3.523 per gallon, 42.7 cents higher than the price a year ago. The average price in California also went up by 0.6 cent to reach $3.608 per gallon, 38.0 cents above the price last year.

The U.S. average retail diesel price dropped for the first time since late January. The national average price of diesel fuel fell by 2.5 cents to $3.964 per gallon, $1.174 above the price last year.

On a regional basis, diesel prices dipped throughout the country, with the exception of the Rocky Mountains. On the East Coast, the average diesel price slipped by 3.1 cents to $4.014 per gallon, $1.250 per gallon higher than the price a year ago. In the Midwest, the diesel price dropped by 3.5 cents, the largest decline of any region, according to the EIA. The price of $3.929 per gallon was $1.149 higher than a year ago.

The diesel price in the Gulf Coast went down 2.1 cents to $3.907 per gallon, remaining the lowest price of any region. The Rocky Mountain region was the only region where the diesel price increased. The price moved up 1.9 cents to a new all-time high of $3.972 per gallon.

On the West Coast, the average diesel price fell by 0.7 cent, the smallest drop of any region. The average price in the region of $4.049 per gallon was $1.164 above the price last year. The average price in California also dropped by 0.7 cent, falling to $4.112 per gallon, $1.173 above the price a year ago.