WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline surged 6.1 cents to settle at $2.823 per gallon, as of Oct. 22. That's 61.5 cents higher than last year, reported the Energy Department's Energy Information Administration (EIA). All U.S. regions saw higher prices at the pump, with West Coast prices reaching an average of $3.065 per gallon --- an increase of 8.6 cents and the highest price in the country. The average price for regular grade in California was $3.143 per gallon, up 9.0 cents from the previous week and 66.2 cents per gallon over the previous year. The East Coast average price rose 5.7 cents to $2.788 per gallon. The Gulf Coast price increased by 6.1 cents to $2.703 per gallon, still the lowest regional price. The Midwest price added 5.3 cents to stop at $2.788 per gallon. The Rocky Mountains tallied the smallest regional gain, 5.0 cents, to settle at $2.845 per gallon. Retail diesel prices grew 5.5 cents during the week to reach $3.094 per gallon, 57.0 cents per gallon more than last year and the highest price since Oct. 24, 2005. Regional diesel prices were all higher, with the East Coast price rising 5.5 cents to settle at $3.078 per gallon. The Midwest diesel price moved up to $3.067 per gallon, increasing by 4.2 cents. The Gulf Coast continued to be the only region below the $3 mark, although just barely so, rising to $2.994 per gallon. The Rocky Mountain diesel price increased to $3.229 per gallon, a gain of 6.0 cents. Setting a new record for the West Coast region, diesel prices rose 9.4 cents to hit $3.323 per gallon. California diesel prices were up 8.9 cents to $3.338 per gallon, also a record price for the state.

Originally posted on Fleet Financials