Retail Gasoline Prices Increase Almost 6 Cents in U.S., California

Average retail gasoline prices in California and nationwide jumped nearly 6 cents a gallon in the last week, with the U.S. average landing within a penny of the record, a government report showed Monday.

California’s average pump price for self-serve regular-grade gasoline reached $2.287 a gallon, up 5.8 cents, according to a weekly survey by the Energy Information Administration, the Energy Department’s statistical arm. The statewide average is 19 cents higher than a year ago but still below the record of $2.402 a gallon set Oct. 18.

The average U.S. retail price for regular gasoline rose 5.7 cents to $2.056 a gallon, just short of the record of $2.064 a gallon set May 24, the agency said. The price is 33.2 cents higher than a year ago, based on a price poll of 800 service stations nationwide.

The EIA has forecast that the U.S. average will rise above $2.15 a gallon this spring, but didn’t predict prices for individual states.

One of the key factors that drove the price of gasoline higher was the rising cost of oil -- the result of strong demand, tight global supplies, geopolitical uncertainties and the falling value of the dollar.

The price of light crude for April delivery rose 52 cents to $54.95 a barrel Monday on the New York Mercantile Exchange, the highest close since Oct. 26. Oil futures prices have increased 52% in the last year.

Gasoline futures for April delivery fell 1.1 cents, or 0.7%, to $1.507 a gallon on the Nymex. The futures reached $1.56 a gallon March 9, the highest since the contract began trading in 1984.

The EIA said retail diesel prices rose 2.6 cents on average nationwide to $2.194 a gallon, a 4 1/2 -month high. The price is up 57.7 cents from a year ago. The average diesel price in California increased a penny to $2.418 a gallon, which is 54.4 cents higher than a year ago. Diesel reached a record on Oct. 25 of $2.437 a gallon in California and $2.212 a gallon nationwide.