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Gasoline prices hit 4-month high

The national retail price for gasoline jumped 3.5 cents a gallon over the last week to an average $1.595 a gallon, the highest in four months, the U.S. government said on Tuesday.
Price Of Gas Raises Seven Cents In Three Weeks
Average gasoline prices edged higher over the past week to $1.595 a gallon, the government reported Tuesday.David Mcnew / Getty Images file
/ Source: Reuters

The national retail price for gasoline jumped 3.5 cents a gallon over the last week to an average $1.595 a gallon, the highest in four months, the U.S. government said on Tuesday.

The average cost for regular unleaded gasoline is up 13.6 cents from this time a year ago, according to a weekly survey of gasoline stations by the Energy Department's Energy Information Administration.

The recent surge at the pump has pushed gasoline to its highest level since Sept. 22, 2003 when the average cost was $1.643, the EIA said.

The price for cleaner-burning reformulated gasoline, sold in polluted metropolitan areas, increased 3.4 cents in the latest week to an average $1.628 per gallon, according to the EIA survey.

The West Coast had the most expensive regular unleaded gasoline, with the average price at $1.672 a gallon, up 2.7 cents in the latest week. The Gulf Coast remained the cheapest place to fill up even though prices rose 4.2 cents to an average $1.530 per gallon.

Among the 10 major urban areas highlighted by the EIA, Houston pump prices were the cheapest at $1.493 per gallon, despite an increase of 5.5 cents. Los Angeles was the most expensive city with prices rising 3.0 cents to $1.721 per gallon.

The weekly report also showed gasoline prices were up 3.0 cents in San Francisco at $1.714, up 3.0 cents in New York to $1.634 and up 4.8 cents to $1.663 in Chicago.

Separately, the average pump price for diesel fuel jumped 0.8 cent to $1.559 a gallon, 7.9 cents higher from a year earlier and the highest level since last April.

Truckers on the West Coast paid the most for diesel fuel at $1.632 a gallon, down 0.9 cents from the prior week. The Midwest had the cheapest diesel at $1.526, up 0.8 cents.