The Car and Truck Fleet and Leasing Management Magazine

Fuel Prices Reach New Heights Again

May 15, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline jumped to yet another all-time high, as the price increased by 10.9 cents to $3.722 per gallon. This was the seventh consecutive week in which the price rose, with the cumulative increase totaling 46.3 cents, the Energy Department's Energy Information Administration (EIA) reported Wednesday, May 14. 

On a regional basis, prices increased throughout the country, with the East Coast price swelling by 10.3 cents to $3.713 per gallon. That's about 73.2 cents above the price a year ago. The average price in the Midwest was $3.736 per gallon, surging up by 15.7 cents, the largest increase for any region.

The average price in the Gulf Coast went up by 10.9 cents to $3.616 per gallon. Though the price in the Rocky Mountain region increased by 11.5 cents to $3.609 per gallon, the price remained the lowest for any region. The West Coast prices were the highest in the nation but had the smallest increase of any region, moving up by 3.3 cents to $3.833 per gallon. The average price in California increased by 1.6 cents to reach $3.919 per gallon.

Registering the third largest one-week increase, the U.S. average price for diesel reached another new record of $4.331 per gallon, up 18.2 cents during the week and $1.558 higher than a year ago.

The average diesel price on the East Coast increased by 18.3 cents to $4.377 per gallon, $1.619 higher than a year ago, the EIA reported. In the Midwest, the price surged by 19.7 cents (the largest increase of any region) to $4.298 per gallon. The average diesel price in the Gulf Coast remained the lowest of any region, but still increased by 18.4 cents to $4.268 per gallon. The Rocky Mountain region had the smallest increase of any region, rising by 12 cents per gallon to $4.276 per gallon. On the West Coast, the average diesel price jumped by 15.1 cents to hit $4.454 per gallon. In California, the average diesel price swelled 16.5 cents to $4.547 per gallon.


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