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Gas Prices Hit New High ... Again

National average price hits $3.303, diesel still over $4

By Joe Benton
ConsumerAffairs.com

April 4, 2008

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Gasoline prices hit a new national record of $3.303 as the week ended, according to the AAA Fuel Gauge Report. The average price of regular unleaded jumped more than a penny over night surpassing the old record set just the previous day.

Diesel fuel is selling at a national average price above the $4 mark at $4.023. The rising price of diesel is hurting truckers and contributing to inflation, placing more pressure on the national economy. Diesel averaged $3.696 a gallon last month and $2.872 a year ago.

Mid-grade gasoline is now selling for a national average price of $3.407 and premium goes for $3.634 a gallon. One month ago regular gasoline sold for $3.178 a gallon.

One year ago a gallon of regular self serve cost $2.706. Gas prices have climbed more that 22 percent since last year at this time.

Regular gasoline now sells above the $3 mark in all 50 states and the District of Columbia.

California consumers face the highest gasoline prices in the country at $3.679 a gallon. Regular gasoline sells for $3.812 in San Francisco, $3.699 in Oakland and $3.674 in Sacramento. New Jersey enjoys the lowest average gasoline prices in the country at $3.046 a gallon.

The most expensive gallon of regular is found in Kailua Kona, Hawaii at $4.29. The cheapest gallon is on sale in Pennsauken, New Jersey for $2.93.

Congress grilled executives from 5 of the world's largest oil companies regarding the current price explosion as prices set record after record. Some analysts are suggesting that Congress may move to combat the record-high prices by making the purchase of high-risk crude oil contracts more difficult.

Oil company executives called on the congressional carpet blamed the current run up in prices on the recent record high oil prices.

Here is a look at some gasoline prices from around the country in the ConsumerAffairs.com Gas Price Round Up.

California: Gas prices began rising again over the past week breaking records throughout the state, according to the Automobile Club of Southern California's Weekend Gas Watch.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.639, which is 3.6 cents more than last week, 18.5 cents higher than last month, and 38 cents above last year.

In San Diego, the price is $3.675, which is 4.5 cents higher than last week's price, 18 cents above last month, and 38 cents higher than last year.

On the Central Coast, the average price is $3.758, up 2.4 cents from last week, 15 cents above last month, and 40 cents more than last year.

In the Inland Empire, the average price is $3.637, 2.6 cents over last week, up 18 cents from last month, and 35 cents higher than last year.

"Prices have been rising by about half a cent a day in most areas," said Auto Club spokesperson Jeffrey Spring. "Oil industry analysts say that this latest price increase is actually the result of supply problems at California refineries, not the earlier investor speculation that drove up prices in February and March."

California has the highest gasoline price average in the country and there are isolated areas where prices have blown through the $4 mark.

A Mobile station in Needles is asking $4.17 a gallon for what may be the highest price in California. A station in Idyllwild-Pine Cove, a mountain resort area in Riverside County, sells regular for $4.09 a gallon.

Texas: New gas price records keep coming in the state as retail gasoline prices rose almost 4 cents for the week to reach an all-time high, according to AAA Texas.

The statewide average for a gallon of regular gas is now $3.21.

In Houston, the average price of a gallon of regular self-serve rose nearly 4 cents to $3.22 a gallon. Galveston-Texas City prices increased by 2.6 cents to $3.22 a gallon.

"Based on crude oil continuing to sell for more than $100 per barrel, it is unlikely lower gas prices lie ahead between now and the Memorial Day holiday weekend," according to AAA Texas.

The cheapest gas in this week's Texas survey is in Corpus Christi, where regular self-serve prices remain virtually unchanged at $3.14 per gallon. The most expensive gas remains in Amarillo, where the price average jumped a nickel from last week to $3.25 per gallon.

Virginia: Gas prices in Virginia average $3.23 for a gallon of self-serve regular, setting 12 new record high price in less than a month.

Richmond's average price for a gallon of regular gas is $3.24, up one cent in a day and up 14 cents from a month ago.

The highest average gasoline prices are found in Northern Virginia at $3.309 a gallon. The lowest average prices are found in Southern Virginia $3.176 a gallon.

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