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Retail Gasoline Hits Record High in the US

Written By Luke Burgess

Posted April 22, 2008


The average price U.S. drivers paid for gasoline soared to a new high of $3.51 a gallon, rising 11.9 cents over the last week, according to the federal Energy Information Administration.

The national average price for regular, self-service gasoline is up 64 cents from a year ago because of high crude oil costs, which today climbed to a record $117.83 a barrel at the New York Mercantile Exchange.

The price of crude oil accounts for about 70% of the cost for making gasoline.

In the EIA’s latest survey of service stations, gasoline was again the most expensive on the West Coast at $3.73 a gallon, up 7.2 cents. San Francisco had the highest city price at $3.86, up 4.5 cents.

The Gulf Coast states had the cheapest regional price at $3.41 a gallon, up 12.6 cents. Cleveland had the lowest city price, up 7 cents to $3.36.

Separately, the weekly price for diesel fuel jumped 8.4 cents to a record $4.14 a gallon, up $1.29 from a year ago, the EIA said.

Average diesel fuel prices remained above $4 a gallon in every region of the country.

The central Atlantic states had the most expensive diesel at $4.37 a gallon, up 10.4 cents. The Gulf Coast region had the cheapest fuel at $4.08, up 8.5 cents, the EIA said.