Gas Prices Pump Out More Records

It was another week of records for California and U.S. gasoline prices as costs at the pump in several cities jumped by more than 10 cents a gallon, the federal government said Monday.

California’s average price for self-serve regular gasoline jumped 12.8 cents in the last week to $2.592 a gallon, the second consecutive week that the state’s gas average has reached a fresh high. California motorists are paying 43.5 cents more than they were a year ago.

The average U.S. retail price for regular-grade gasoline rose 6.3 cents to $2.28 a gallon, the fourth consecutive weekly record, according to the government’s weekly survey of 800 service stations. The U.S. average is 46.3 cents higher than a year ago.

The U.S. average is forecast to rise more and reach a monthly peak of $2.35 a gallon in May, according to the Energy Information Administration, the Energy Department’s analytical arm.

San Francisco was at the top of the U.S. survey of cities, with the price of gasoline up 13.9 cents to $2.63 a gallon. Los Angeles came in second at $2.60 a gallon, up 12.7 cents.

Among the other large increases: the average was up 14.7 cents to $2.45 a gallon in Seattle; up 7 cents to $2.37 in Miami; up 5.6 cents to $2.33 in Chicago; up 7.7 cents to $2.26 in Denver; and up 6.3 cents to $2.20 in New York.

Gulf Coast states had the cheapest fuel, up 4.3 cents to $2.18. Among major U.S. cities, Houston had the lowest price at $2.13 a gallon, up 4.3 cents.

Truckers also continue to suffer as the price for diesel fuel rose 1.3 cents to a record $2.32 a gallon, up 64 cents from a year ago, the survey found. On the West Coast, the diesel average was $2.59 a gallon, up 4.4 cents.

Fuel prices have climbed this year as consumption and refiners’ crude oil costs have risen. Crude oil makes up about half the U.S. retail price of gasoline. Oil futures Monday rose 39 cents to $53.71 a barrel on the New York Mercantile Exchange. Oil is 42% higher than a year ago.