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New Gas Price Record Forecasts Expensive Summer Driving Season

Average price up more than 6 cents this week and still climbing

By Joe Benton
ConsumerAffairs.com

April 11, 2008

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The Energy Department is predicting a summer of record gas prices with regular averaging as much as $3.60 a gallon though the national average price could spike as high as $4 a gallon at times according to government analysts.

Regular gasoline now costs 11.9 cents more than one month and 56 cents more than a year ago. Mid-grade gasoline sells for $3.572 a gallon and premium sells for $3.701

Retail diesel is up 2.1 cents to $4.066, also setting a new record.

The record prices will likely reduce summer gasoline demand for the first time in 17 years, according to the government's energy forecasting agency.

The Energy Information Agency cautioned that gasoline prices in some parts of the country "will cross the $4 per gallon threshold."

The most expensive gallon of gasoline in the country is already over the $4 mark in Needles, California at $4.29. The least expensive gallon is found in Spartanburg, South Carolina for $2.94.

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

California: A gallon of regular sells for $3.902 in San Francisco as gasoline prices across California continue to hit new records.

Consumers pay $3.789 for regular in Oakland and $3.76 in Sacramento.

The average price across California is now $3.767.

Southern California gas prices continued setting new daily records over the past week as well, increasing by more than a penny a day in most locations, 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 $3.736, which is 9.7 cents more than last week, 18 cents higher than last month, and 47 cents above last year.

In San Diego, the price is $3.754, which is 7.9 cents higher than last week's price, 17.5 cents above last month, and 45 cents higher than last year.

On the Central Coast, the average price is $3.859, up 10.1 cents from last week, 18 cents above last month, and 48 cents more than last year.

In the Inland Empire, the average price is $3.731, 9.4 cents over last week, up 18 cents from last month, and 44 cents higher than last year.

"California gas prices have increased by almost 20 percent since the beginning of the year," said Auto Club spokesperson Jeffrey Spring. "But as bad as that is, oil industry analysts point out that the price increases for diesel, jet fuel and heating oil since the beginning of the year have been even higher.”

Texas: A gallon of regular self-serve gasoline in Texas set another record this week at $3.28, according to the AAA Texas Weekend Gas Watch.

The lowest average on the survey is in Corpus Christi at $3.19 a gallon. Fort Worth edged out Amarillo for the highest priced on the list at $3.31 a gallon, up eight cents from a week ago.

"Because crude oil continues to sell above $100 per barrel, motorists can expect prices to remain high as well," said AAA Texas spokesperson Rose Rougeau.

Florida: Florida gas prices hit another record high, reaching $3.404 for a gallon of regular unleaded. Orlando also saw new highs, topping out at $3.35 a gallon y week’s end.

The price is 13 cents higher than the $3.22 recorded a month ago.

A year ago, the price for regular unleaded was $2.79.

Pennsylvania: Gasoline prices edged up overnight to record highs in both Pennsylvania and Delaware, according to AAA Mid-Atlantic.

The average price of regular gasoline climbed a penny in Pennsylvania and New Jersey. The price jumped by two cents in Delaware.

Prices are at a record $3.33 per gallon in Pennsylvania and $3.26 per gallon in Delaware, and a yearly high of $3.28 per gallon in the Philadelphia region and $3.09 per gallon in New Jersey, including South Jersey.

April has produced 3 new gas price records Pennsylvania.

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