State Gasoline Price Rises 6.4 Cents

California’s average gasoline price jumped 6.4 cents closer to the state record in the last week while the U.S. retail average hit a new high because of rising oil costs and supply disruptions, a federal survey showed Monday.

Self-serve regular gasoline rose to an average $2.376 a gallon in California, the Energy Information Administration said. The price, up 29.7 cents from a year ago, was only 2.6 cents less than the state’s record high average of $2.402 a gallon set Oct. 18.

The U.S. average climbed 4.4 cents to $2.153 a gallon in the week ended Monday, the second consecutive weekly record, according to a survey of more than 800 service stations by the EIA, the Energy Department’s statistical arm. The U.S. price was up 39.5 cents from a year ago.

Oil prices have soared in recent months amid high global demand and limited refinery capacity. Pump prices have been following oil higher but got an extra boost from a deadly explosion last week at the BP refinery in Texas City, Texas. California’s spot gasoline prices increased last week after an oil pipeline break.

Crude oil futures for May delivery fell 79 cents, or 1.4%, to $54.05 a barrel Monday on the New York Mercantile Exchange. Prices reached a record $57.60 a barrel March 17.

Gasoline futures dropped 2.65 cents, or 1.7%, to $1.5727 a gallon on the Nymex.

Even though oil prices are close to all-time highs, fuel consumption hasn’t slowed in the United States or around the world. The cost of crude makes up about half the U.S. retail price for gasoline.

“Our volume is up over last month,” said Ron Richardson, manager of Charlie’s Union 76 service station in Malibu. The station was charging $2.419 to $2.99 a gallon for gasoline Monday.

When adjusted for inflation, the most expensive price at the pump was in 1981 at about $3 a gallon, measured in today’s dollars.

Retail prices will continue rising in May, just ahead of the start of the summer driving season, the EIA said. A spokesman said the agency would release its revised forecast for pump prices late next week.

“We’re expecting a pretty tight gasoline market this summer,” said Dave Costello, an EIA oil analyst. “There doesn’t seem to be a lot of reason to expect” a near-term drop, he said, adding that prices are likely to rise through May.

Los Angeles, where pump prices jumped 4.4 cents to an average $2.397 a gallon, was the most expensive of the 10 major urban areas highlighted by the EIA. Houston was the cheapest at $2.038, up 6.6 cents.

U.S. truck drivers saw retail diesel prices rise half a penny to an average $2.249 a gallon last week, EIA said. In California, diesel rose 3 cents to $2.512 a gallon.