The US-wide average price for regular, self-service gasoline has increased by almost $0.51, compared to 2007, because of the inflated price of crude oil, which was trading at $112 per barrel on the New York Mercantile Exchange at the time of the survey.
The Energy Information Administration has noted that gasoline demand is set to fall in the summer of 2008, due to rising prices and a weakening US economy. The federal body’s survey has showed that gasoline prices were the highest on the US West Coast, with San Francisco recording a 9.5 cent increase to $3.82 per gallon.
The US Gulf Coast states accounted for the cheapest regional price in the US, at $3.29 per gallon, an increase of $0.05.
Average diesel prices have reportedly increased by 10.4 cents to an all-time high of $4.06 per gallon, an increase of $1.18 compared to 2007. Truckers are reportedly the hardest hit at these elevated fuel prices, paying around $1,000 for a fill-up.
