The price of gas across the nation took a solid turn for the worse during the past week, as confirmed by the weekly fuel price survey by the Energy Information Administration. The average price of a gallon of gas in the U.S. jumped by nearly 7-cents, but the cost of a gallon of regular unleaded was up by as much as 13-cents per gallon in places like Oregon, Washington and California. The lowest price increases were seen across the East Coast, where prices were generally up about 3-cents per gallon.
This week’s stark leap in the cost of fuel comes on the heels of a slow reversal in gas prices, which had been declining since the beginning of March. The May 6 EIA Survey showed prices were flat to slightly higher, a portent that a pre-summer hike in fuel prices was on the way. This week’s report confirmed that prediction.
The change in prices impacted the diesel pump this week, too, which last week was unaffected by the rise in fuel costs. But, the cost to drive a rig or fleet of trucks just jumped, with prices rising in nearly all states and regions. Only the Lower Atlantic and Gulf Coast states appeared to have been spared, as prices were largely flat in those regions. Elsewhere, the average price of diesel fule was up by four and five cents per gallon in California and the broader Western U.S. markets, respectively. The average price of diesel was up about 2-cents per gallon during the past week.
Some states found themselves in the grip of higher gas prices than their surrounding regions, which was particularly true in Florida. The average price of fuel along the Lower Atlantic and Gulf Coast regions was anywhere from $3.37 to $3.47 per gallon. However, some metropolitan areas witnessed fuel prices as high as $3.70 per gallon, for regular unleaded. The average prices across South Florida appeared to be beween $3.55 and $3.60 per gallon, as long as drivers avoided more remote stations.
The EIA had earlier this year predicted the summer price of gasoline would likely settle to about $3.63 per gallon, as a nationwide average, but that price may be due a revision, given the current spike in fuel prices. In California, for instance, the average price for a gallon of regular unleaded gas still remains around $4.00 per gallon, despite the price breaks in most other regions. Midwestern states were also well above the national average for the week, where prices hovered around $3.68 per gallon.