Fuel Prices Spike Across Nation, Drivers Pay 5% More at the Pump

By Jesse Sokolow on 22 February 2013
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Fuel prices in the New York area in the past week

Fuel prices in the New York area in the past week

The average price of gasoline in the U.S. rose by $0.136 or 4.9% to $3.747 in the past week. The cost of diesel fuel rose by $0.053 or 2.1% to $4.157 in the same period.

In some regions, the price per gallon of diesel fuel was lower than that of gasoline.

The Midwest saw the greatest increase in gas prices in the past week, having risen from $3.582 per gallon to $3.763, an increase of about $0.18.  The region with the most expensive gasoline this week, however, was the West Coast, at $3.973 per gallon, up $0.106 from last week’s price of $3.867 per gallon.  New England had the second highest gas prices this week, at $3.798 per gallon.

Both New England and the Rocky Mountain region saw the highest increase of $0.068 per gallon.  The price per gallon of diesel in New England rose to $4.334 from last week’s $4.266 per gallon, while the price in the Rocky Mountain region rose from $3.964 to $4.032.  New England also had the most expensive diesel prices this week, followed closely by the West Coast, where drivers were paying an average of $4.303 per gallon, up $0.038 from last week’s price of $4.265.

Despite the increase, prices are only slightly higher than one year ago and are nowhere near their highs of 2008.  The recent price increases can be attributed to a combination of rising crude-oil prices, a drop in oil production, and a rise in gasoline futures by traders, all at the same time that refineries are switching from a winter blend to a more expensive summer blend, resulting in lower availability at the pump

(Photo: Accura Media Group)