Fuel Prices Peaked? Down This Week

WASHINGTON, April 26, 2004; Tom Doggett writing for Reuters reported that after hitting record highs for four weeks in a row, the average U.S. price for gasoline declined a slight 0.1 cent over the last week to $1.812 a gallon on Monday, the government said.

The latest national pump price is 26 cents higher from a year ago, according to the U.S. Energy Information Administration's weekly survey of service stations.

When adjusted for inflation in 2004 dollars, the highest price for gasoline was $2.99 a gallon in March 1981, EIA said.

A growing U.S. economy has increased consumer demand for gasoline, which along with tight petroleum supplies has kept pump prices high.

The retail price for cleaner-burning reformulated gasoline, sold in polluted metropolitan areas, fell 0.8 cent in the latest week to $1.891 a gallon, according to the EIA survey.

The West coast had the most expensive regular unleaded gasoline, with the price down a penny to $2.078 a gallon.

Los Angeles topped the agency's city survey of gasoline costs, but the price fell 3.3 cents a gallon at $2.162.

The U.S. Gulf coast has the cheapest fuel by region, with the price down half a penny at $1.695 per gallon. Houston had the best deal at the pump at $1.652 a gallon, down 1.3 cents.

The weekly report also showed gasoline prices were up 4.4 cents at $2.003 in Seattle, up 0.9 cent at $1.897 in Chicago, up 1 penny at $1.87 in Miami, up 1.1 cents at $1.792 in New York City and down 0.7 cent at $1.771 in Cleveland.

Separately, EIA said the average pump price for diesel fuel decreased 0.6 cent to $1.718 a gallon, up 21 cents from a year earlier.

Truckers on the West Coast paid the most for diesel fuel at $2.103 a gallon, down 0.9 cent from the prior week. The lower Atlantic states had the cheapest diesel at $1.611, down 1.3 cents.