Gas Pump Price Highest Since Mid-June

 

USA: October 6, 2004


WASHINGTON - The U.S. nationwide price for gasoline rose closer to $2 a gallon over the last week and diesel fuel hit a new record high for the second week in a row, the government said.

 


The pump price for regular unleaded gasoline averaged $1.938 a gallon, climbing 2.1 cents to the highest level since mid-June and up 37 cents from a year ago, according to the U.S. Energy Information Administration's weekly survey of service stations.

The survey from the Energy Department's analytical arm showed the price for diesel fuel jumped 4.1 cents to a record $2.053 a gallon, up 14 cents over the last two weeks and 61 cents higher than a year earlier.

Pump prices are rising because of higher crude oil costs, which account for about half the cost of making gasoline and diesel. Government energy experts say gasoline may again reach $2 a gallon in the next few weeks.

On the oil markets, U.S. crude oil closed above a record $50 a barrel last week. In trading at the New York Mercantile Exchange this week, oil for delivery in November settled down 21 cents to $49.91 a barrel.

The EIA's weekly report also showed the retail price for cleaner-burning reformulated gasoline, sold in polluted metropolitan areas, increased 4.9 cents to $2.012 a gallon.

The West Coast had the most expensive regular unleaded gasoline, with the price up 8 cents to $2.146 a gallon. San Francisco topped the agency's city survey of gasoline costs, with the price up 11.5 cents to $2.224 a gallon.

The U.S. Gulf Coast had the cheapest fuel, with the price up 1.4 cents to $1.838 per gallon. Houston had the best pump price at $1.799 a gallon, up 1.6 cents.

The weekly report also showed gasoline prices were up 2.2 cents to $2.021 in Seattle, up 1.7 cents to $1.988 in Miami, down 0.7 cent to $1.972 in Chicago, up 3 cents to $1.945 in New York City and down 5.4 cents to $1.868 in Cleveland.

Separately, truckers on the West Coast paid the most for diesel fuel at $2.238 a gallon, up 6.9 cents from the prior week. The Gulf Coast states had the cheapest diesel at an even $2 a gallon, up 2.9 cents.

 


Story by Tom Doggett

 


REUTERS NEWS SERVICE