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Posted on  

March 27, 2002

Gas Hits Highest Level in Over 5 Months

By Tom Doggett

WASHINGTON (Reuters) - U.S. drivers experienced sticker shock at the gasoline pump for a third straight week, as motor fuel costs soared an average 5.4 cents a gallon over the last week to $1.342, the Energy Department said on Monday.


The national pump price has increased 20 cents a gallon in the last three weeks because of strong gasoline demand and higher crude oil costs. Prospects of a stronger economy and production cutbacks by the Organization of Petroleum Exporting Countries and other oil exporters, including No. 2 world exporter Russia, have lifted crude.

Gasoline prices hit the highest level since early October, but were still down six cents a gallon from a year ago, according to a survey of more than 800 stations by the department's Energy Information Administration.

The separate Lundberg Survey of 8,000 service stations across the country that was released on Sunday mirrors the EIA's report.

Lundberg found that the average national price for gasoline jumped more than 14 cents a gallon over the last two weeks to $1.347. It was the largest two-week rise for gasoline costs since the survey began a half century ago.

The national average price for cleaner-burning reformulated gasoline, sold at about one third of the stations in cities and smoggier areas, was up 6.9 cents to $1.41 a gallon, EIA said.

Reformulated gasoline has risen an average 21.4 cents a gallon in the last two weeks,

The most expensive regular unleaded gasoline was again found on the West Coast, where the average price was up 6.1 cents a gallon to $1.478, the EIA said.

Motorists in the Gulf Coast again had the cheapest fuel, with the average price in that region up 5.6 cents to $1.275 a gallon.

San Francisco kept the top spot among major cities in fuel costs, with gasoline up 6.8 cents to $1.574 a gallon. Houston was the best bargain at the pump, but the price increased 7.1 cents to $1.288.

The report also showed gasoline prices up 6 cents in Los Angeles to $1.543, up 10.8 cents in Chicago to $1.487, up 12 cents in Denver to $1.348 and up 6.7 cents in New York City to $1.338.

Gasoline prices were still down from year ago levels in all the cities, except for Chicago where the cost for motor fuel was 13 cents a gallon higher.

Separately, the nationwide price for diesel fuel increased for the fourth week in a row, rising 3 cents to $1.281 a gallon, down 10 cents from a year ago but still the highest level since early November.

West Coast truckers paid the most for diesel fuel at $1.386 a gallon, up 2.6 cents. The lower Atlantic states had the cheapest diesel at $1.248 a gallon, up 2.2 cents.
 

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