The futures market indicates that gasoline prices will continue to rise.
The U.S. average retail gasoline price of regular increased three and a half cents from last week to $3.88 per gallon, according to the U.S. Energy Information Administration.
This is $1.03 per gallon higher than last year at this time and is the highest price in April since the Energy Information Administration began tracking weekly data in 1990.
The Midwest tallied the biggest price gain, more than five cents higher than the previous week, and was followed by the East Coast where prices increased over four cents. The Rocky Mountain region registered close to a three-cent gain. West Coast prices notched up about two cents to $4.10 per gallon and it remains the only major region in the country where the gasoline price averages more than $4 per gallon. Rounding out the regions, the Gulf Coast average gasoline price was almost flat on the week.
The national average diesel price fell almost a penny this week to $4.10 per gallon. This was only the second weekly decrease since December 6, 2010. The diesel price is $1.02 per gallon higher than last year at this time. The West Coast price was down more than a penny, the biggest decline among the regions. However, diesel prices on the West Coast are still the highest in the country at $4.31 per gallon.
The Gulf Coast, Midwest, and East Coast all registered decreases of less than penny on the week. The only major region to see an increase was the Rocky Mountains, where the average price was up about a penny. This is the twenty-second straight weekly increase for the region.
