Average pump price soars to $3.069/gal
Posted on: Tuesday, 6 September 2005, 15:58 CDT
WASHINGTON (Reuters) - The average U.S. weekly
retail gasoline price soared to a record $3.069 cents per
gallon, up 45.9 cents from last week, due to the impact of
Hurricane Katrina, the U.S. Energy Information Administration
said on Tuesday.
The new weekly average is close to the inflation-adjusted
high of $3.12 a gallon in March 1981.
The EIA surveys U.S. gasoline stations each week to compile
an average nationwide pump price. Last week, the average was
$2.61 per gallon.
One year ago, the national average was $1.22 per gallon
lower, according to the EIA.
On a regional basis, the Central Atlantic states on the
U.S. East Coast had the highest average pump price of $3.29 a
gallon, according to the EIA weekly survey. Usually, the U.S.
West Coast region has the highest retail average price but it
weighed in with an average $3.025 per gallon in the latest
report.
Crude oil prices are typically responsible for roughly half
the cost of gasoline. Soon after Katrina slammed into Louisiana
and Mississippi one week ago, the U.S. crude oil price set a
record high of $70.85 a barrel. Crude prices eased to $65.96 a
barrel on the New York Mercantile Exchange on Tuesday.
Source: REUTERS
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