US Retail Gasoline Price Highest Since September 2001

WASHINGTON DC, Oct 15, 2002; Tom Doggett writing for Reuters reported that U.S. drivers are paying more at the pump to fill their cars and trucks, as weekly retail gasoline prices hit their highest level in more than a year, the Energy Department said on Tuesday.

Gasoline costs increased a slight 0.1 cents a gallon over the last week to an average pump price of $1.44, based on a weekly survey of more than 800 service stations by the department's Energy Information Administration.

The price of gasoline is up 13 cents from a year ago and the highest level since the last week of September 2001, EIA said.

The EIA's price is in line with the American Automobile Association, which on Tuesday said the nationwide average price for gasoline had increased 4.4 cents since mid-September to $1.448 a gallon.

The national price for cleaner-burning reformulated gasoline, which is sold at about one-third of the gas stations in cities and smoggier areas, was down 0.6 cents to $1.478 a gallon, EIA said.

Gasoline prices are higher because of rising crude oil costs due to market fears of a U.S. attack on Iraq and production interruptions in the Gulf of Mexico from hurricanes and tropical storms over the last few weeks.

The price of crude oil, which has been holding steady at around $30 a barrel, accounts for about 40 percent of the cost of a gallon of gasoline.

The West Coast had the most expensive regular unleaded gasoline, with the average weekly price in the region down 1.2 cents to $1.482 a gallon, EIA said.

The lower Atlantic states had the cheapest fuel, as the average price was down 0.4 cents to $1.375 a gallon.

San Francisco kept its top spot among major cities in fuel costs, although the price was down 3.4 cents to $1.578 a gallon.

Houston again had the best deal at the pump, but gasoline was up 2 cents to $1.369 a gallon.

The report also showed gasoline prices down 4.7 cents in Chicago at $1.528, down 1.2 cents in Los Angeles at $1.492, up 0.3 cents in New York City at $1.495 and down 0.1 cents in Denver at $1.484.

The biggest year-on-year change in city pump prices was in San Francisco, where gasoline costs were down 16 cents a gallon.

Separately, the nationwide price for diesel fuel increased for the ninth week in a row, up 0.1 cents to $1.461 a gallon, and 11 cents higher from a year ago.

Truckers on the West Coast paid the most for diesel fuel at $1.527 a gallon, down 0.7 cents from the prior week. The lower Atlantic states had the cheapest diesel at $1.421 a gallon, down 0.3 cents.