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By Tom Doggett, Reuters
WASHINGTON — Retail gasoline prices increased for the eighth straight week, the Energy Department said Monday, but prices showed signs of peaking in response to falling crude oil costs.
The national price for regular unleaded gasoline rose 2 cents over the last week to $2.69 gallon, the department's Energy Information Administration said in its weekly survey of service stations. That is down $1.39 from a year ago. It marks the smallest weekly increase in fuel prices since pump costs started rising in late April. The average cost for gasoline has jumped 61 cents over the last eight weeks. The EIA's monthly energy forecast predicts gasoline will peak in July around $2.70 a gallon. Gasoline prices are moderating because of cheaper crude oil, which accounts for more than half the cost for making gasoline. FIND MORE STORIES IN: New York Mercantile Exchange
The price for U.S. oil to be delivered in July declined $2.62, or almost 4%, to $66.93 a barrel in Monday futures trading at the High gasoline inventories are also helping to push down prices. In its latest weekly price survey, the EIA found the West Coast had the most expensive gasoline at $2.93 a gallon, up 4 cents from last week. By city, Los Angeles had the highest price at $3.02, up 4 cents. The Gulf Coast states had the lowest regional price at $2.56 a gallon, up 3 cents. Houston had the cheapest city pump price at $2.48, up a penny. The agency also said gasoline prices were up 1 cent at $3.01 in San Francisco; up 1 cent at $2.88 in Chicago; up 4 cents at $2.86 in Seattle; up 4 cents at $2.79 in Miami; up 6 cents at $2.71 in New York; down 7 cents at $2.67 in Cleveland and up 4 cents at $2.64 in Boston. Separately, the average price for diesel fuel increased 4 cents to $2.62 a gallon, down $2.03 from a year ago, the EIA said. The Central Atlantic states again had the most expensive diesel at $2.73 a gallon, up 3 cents. The Gulf Coast region had the cheapest diesel fuel at $2.58, up 4 cents. The American Trucking Associations on Monday blamed energy market speculators for the spike in diesel prices, pointing out that fuel costs are up sharply even though supplies are plentiful and diesel demand is at a nine-year low. "It seems that more is at play than just the fundamentals of supply and demand," said ATA President and CEO Bill Graves. Copyright 2009 Reuters Limited. | |||||||||||||
