The Car and Truck Fleet and Leasing Management Magazine

July 9 Report: Gas Averages $4.11 Per Gallon

July 14, 2008

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline climbed higher into record territory, increasing 1.9 cents to $4.114 per gallon, according to a weekly report released July 9 by the Energy Department.

Prices rose to record highs in each region, with the exception of the West Coast where for the price dropped slightly. On the East Coast, the price increased 2.2 cents to $4.079 per gallon. In the Midwest, the price went up 2.8 cents to $4.059 per gallon, according to the Energy Department's Energy Information Administration (EIA).

Despite an increase of 3 cents, the Gulf Coast price remained the lowest of any region. The Gulf Coast continued to be the only region where the price remained under $4 at $3.958 per gallon. The price rise of 3.1 cents to $4.065 per gallon in the Rocky Mountains was the largest gain of any region. The West Coast price fell slightly, dropping 1.6 cents to $4.44 per gallon. Nonetheless, the price remained more than 36 cents higher than any other region and $1.360 above a year ago. The average in California also declined somewhat, going down 2.3 cents to $4.55 per gallon.

Reversing the drops of recent weeks, the U.S. average retail diesel price shot up by 8.2 cents to hit an all-time high of $4.727 per gallon. Diesel prices went up in every region, with the largest increase in the Gulf Coast. There were new record highs set in the East Coast, Gulf Coast and West Coast.

The average diesel price on the East Coast jumped 8.5 cents to $4.789 per gallon. The price in the Midwest was once again the lowest of any region at $4.654 per gallon, an increase of 8.3 cents. The average diesel price in the Gulf Coast rose 9.3 cents to $4.697 per gallon. The Rocky Mountains had the smallest increase of any region, going up 3.4 cents to $4.672 per gallon.

On the West Coast, the average diesel price increased 6.9 cents to $4.886 per gallon. In California, the average price for diesel also increased, moving up 7.3 cents to $5.001 per gallon and surpassing the $5 mark for the first time since June 2.


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