U.S. pump price highest since August

WASHINGTON (Reuters) – Soaring U.S. retail gasoline prices show no signs of easing, jumping another 7.4 cents over the last week to an average $2.88 a gallon, the government said on Monday.

The national price for regular unleaded gasoline has increased 58 cents in the last two months to the highest level since last August and is up 9.3 cents from a year ago, according to the federal Energy Information Administration’s weekly survey of service stations.


Pump prices are increasing because of strong gasoline demand, oil refinery outages and low gasoline imports, which are tightening U.S. motor fuel supplies.

Gasoline demand during the first week the month hit an April record of 9.5 million barrels a day. During the same period, gasoline inventories fell 5.5 million barrels.

Reuters