WASHINGTON, D.C. --- Gasoline prices rose sharply for the second straight week, increasing an average of 8.3 cents to $3.054 per gallon for the week of May 7.
Prices were 14.5 cents per gallon higher than at this time last year, according to the Energy Department's Energy Information Administration (EIA). All regions reported price increases. East Coast prices climbed 4.1 cents to $2.958 per gallon. The largest increase was in the Midwest, where prices jumped 14.9 cents to $3.074 per gallon.
Prices for the Gulf Coast rose 1.7 cents to $2.870 per gallon, while Rocky Mountain prices increased 13.3 cents to $3.090 per gallon. West Coast prices were up 9.6 cents to $3.373 per gallon. The average price for regular grade in California was up 10.2 cents to reach a record price of $3.461 per gallon, 12.9 cents per gallon above last year's price.
Retail diesel prices fell for the third consecutive week, decreasing 1.9 cents to $2.792 per gallon. Diesel prices were 10.5 cents per gallon lower than at this time last year. East Coast diesel prices fell 1.9 cents to $2.781 per gallon. In the Midwest, diesel prices were down 2.1 cents to $2.754 per gallon, while the Gulf Coast saw a decrease of 2.2 cents to $2.744 per gallon.
The only region to see an increase in diesel prices was the Rocky Mountains, where prices were up 0.7 cent to $2.995 per gallon. Diesel prices on the West Coast saw a decrease of 1.7 cents to $2.935 per gallon. In California, diesel prices fell 1.3 cents to $2.974 per gallon, 27.0 cents per gallon lower than at this time last year, the EIA reported.
Originally posted on Fleet Financials