Average Gasoline Price Jumps to $3.04 a Gallon

WASHINGTON, D.C. --- The U.S. average retail price for regular gasoline jumped 8.2 cents to $3.042 per gallon as of Feb. 18 --- the highest price since Jan. 14 and 74.6 cents higher than the price a year ago.

On a regional basis, prices rose throughout the country, the Energy Department's Energy Information Administration (EIA) reported. Prices on the East Coast increased 6.9 cents to reach $3.046 per gallon. This was the highest price since Jan. 21 and 80.2 cents per gallon above last year.

The Midwest price soared 10.4 cents to $3.046 per gallon, 76.1 cents per gallon more than last year. The Gulf Coast price remained the lowest on a regional basis, increasing by 9.0 cents to $2.941 per gallon --- 81.0 cents per gallon above the price a year ago. The Rocky Mountain price increased the least of any region, rising 2.4 cents to hit $2.959 per gallon. That was 77.3 cents higher than the previous year.

Regionally, prices on the West Coast remained the highest, with the price increased by 7.7 cents per gallon to $3.137 per gallon. That was 54.1 cents higher than the price last year. The average price for regular grade in California moved up 8.3 cents to $3.191 per gallon, 48.1 cents above the price a year ago.

Unlike the previous week when, on a national basis, the retail diesel fuel price was unchanged, the national average diesel price climbed 11.6 cents to $3.396 per gallon. This was the highest retail diesel price since December 3, 2007 and was 90.5 cents per gallon higher than a year ago.

Diesel prices increased in all regions of the country, the EIA reported. On the East Coast, diesel prices rose 12.0 cents to $3.444 per gallon. This was 96.5 cents per gallon higher than the price a year ago. In the Midwest, the diesel price increased by 11.6 cents to $3.365 per gallon. The price in the Gulf Coast area increased the most of any region, up 12.8 cents to reach $3.367 per gallon. This was the highest diesel price ever in that region and was 94.9 cents above the level a year ago.

The diesel price in the Rocky Mountains was the lowest of any region during the week, moving up 8.6 cents to $3.350 per gallon. That was 83.3 cents above the price a year ago.

On the West Coast, the average diesel price increased 10.7 cents to $3.454 per gallon, 67.0 cents higher than the price a year ago. The price in California grew by 11.8 cents to $3.511 per gallon, 61.0 cents more than a year earlier.