Gov't: Retail Gasoline Highest in 11 Weeks
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The average U.S. gasoline price at the pump surged to its highest level in 11 weeks, as crude oil costs jumped more than $4 last week, the government's top energy forecasting agency said Monday.
The national price for regular unleaded gasoline averaged $2.34 a gallon, up 1.6 cents over the last week, and 48 cents higher from a year ago, based on the federal Energy Information Administration's survey of service stations.
The latest pump price is the most expensive since Nov. 7, the EIA said.
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The much bigger Lundberg survey, which covers 7,000 stations nationwide, showed the average price for U.S. gasoline climbed 3.1 cents over the last two weeks to $2.33 a gallon.
Prices for crude oil — about half the cost of making gasoline — rose more than $4 to over $68 a barrel last week as international tensions sparked supply jitters.
Traders feared a disruption in Iran's oil exports over a nuclear dispute with the West. Meanwhile, militants threatened Nigeria's oil production.
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In the EIA's latest weekly survey, the Central Atlantic states again had the most expensive regional gasoline, with the price up 3 cents to $2.45 a gallon. Miami topped the survey of cities, with gasoline up 1.5 cents to $2.46 a gallon.
The Rocky Mountain states again had the cheapest gasoline at $2.22 a gallon, up 1.9 cents. Among major cities, Denver had the cheapest fuel, down 1.5 cents to $2.22 a gallon.
The EIA report also showed prices, rounded to the nearest penny, up 2.9 cents at $2.45 in New York City; down 0.4 cent at $2.44 in Los Angeles; up 2 cents at $2.37 in Boston; down 0.8 cent at $2.35 in Chicago; up 1.4 cents to $2.30 in Cleveland; and down 0.1 cent to $2.27 in Houston.
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Separately, the average diesel fuel price paid by truckers increased 2.3 cents over the last week to $2.47 a gallon, up 51 cents compared with a year earlier, the EIA said.
Truckers in the New England region again paid the most for diesel at $2.67 a gallon, up half a penny from last week. The Midwest states had the cheapest diesel at $2.42 a gallon, up 1.5 cents.