Mon Mar 15, 2010 9:22pm GMT
By Tom Doggett
WASHINGTON, March 15 (Reuters) - U.S. retail gasoline prices soared to their highest level in nearly a year and half and could soon top $3 a gallon as rising crude oil costs push up pump prices, the Energy Department said on Monday.
The national average price for regular unleaded gasoline increased 3.7 cents over the last week to $2.79 a gallon, up 88 cents from a year ago, the department's Energy Information Administration said in its weekly survey of service stations.
It was the highest price for gasoline since October 2008, and the EIA is forecasting motor fuel costs will soon top $3 a gallon.
Rising gasoline prices are cutting into the money consumers have to spend on other goods and services as the U.S. economy slowly recovers.
Crude oil CLc1 settled above $81 a barrel every trading day last week at the New York Mercantile Exchange, with the expensive crude costs passed on to consumers at the pump.
In its weekly price survey, the agency found the West Coast had the most expensive gasoline at $3.01 a gallon, up 2.1 cents. By city, Los Angeles had the highest price at $3.09, up 1.3 cents.
The Gulf Coast states had the lowest regional price at $2.69 a gallon, up 3.9 cents. Houston had the cheapest city pump price at $2.64, up 8 cents.
The agency also said gasoline prices were up 4 cents at $2.98 in Seattle; up 1.3 cents at $2.92 in Miami; up 5.7 cents at $2.88 in Chicago; up 2.2 cents at $2.77 in New York; up 4.4 cents at $2.72 in Cleveland; up 1.9 cents at $2.70 in Boston and up 3.6 cents at $2.64 in Denver.
Separately, the average price for diesel fuel increased 2 cents to $2.92 a gallon, up 91 cents from a year ago, the EIA said.
The central Atlantic states had the most expensive diesel at $3.06 a gallon, up 1.8 cents. The lower Atlantic and Midwest region each had the cheapest diesel fuel at $2.90, up 1.5 cents and up 2.4 cents, respectively.
Source: http://uk.reuters.com/article/idUKN1521738220100315?sp=true
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