The Car and Truck Fleet and Leasing Management Magazine

Gasoline, Diesel Prices Continue Upward Surge

May 28, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline climbed to another all-time high, going up 6.9 cents to $3.791 per gallon, the Energy Department reported Thursday, May 22.

This was the eighth consecutive week for the national average price to increase, with the cumulative change totaling 53.2 cents. All regions recorded price hikes, with the East Coast jumping by 8.2 cents (the most of any region) to $3.795 per gallon, the department's Energy Information Administration (EIA) said in its weekly report.

The average price in the Central Atlantic portion of the East Coast surged up by 9.5 cents to $3.824 per gallon, 74.2 cents above the price a year ago. The average price in the Midwest went up 6.3 cents to $3.799 per gallon. The average price in the Gulf Coast region was $3.689 per gallon, a jump of 7.3 cents.

Increasing by 7.7 cents to $3.686 per gallon, the price in the Rocky Mountain region remained the lowest in the country but only by a mere three-tenths of a cent. Once again, the average price for the West Coast was the highest in the nation, moving up 5 cents to reach $3.883 per gallon. The average price in California rose by 3.3 cents to $3.952 per gallon.

During the two weeks prior to the report, the national average for diesel has surged, shooting up by 34.8 cents. For the most recent week, the national average price jumped to $4.497 per gallon, 16.6 cents over the previous week and $1.694 above the price a year ago, the EIA reported.

The average diesel price on the East Coast increased by 16.7 cents to $4.544 per gallon, $1.746 higher than a year ago. In the Central Atlantic portion of the East Coast, the price went up by 16.6 cents to $4.682 per gallon. In the Midwest, the diesel price swelled 16.5 cents to reach $4.463 per gallon. The average diesel price in the Gulf Coast grew by 17.5 cents to $4.443 per gallon, the largest increase of any region, the EIA reported.

In the Rocky Mountain region, the average diesel price increased by 16.6 cents to $4.442 per gallon. On the West Coast, the average price moved up by 15.6 cents to hit $4.61 per gallon. The average diesel price in California gained 19 cents to $4.737 per gallon, $1.782 higher than a year ago.


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