Tuesday, April 22, 2008

Gas and Diesel Prices Rocket Upwards...Again!

high gasoline prices April 2008Gasoline and diesel prices continued climbing this week.

According to the US Department of Energy, the average price for regular gasoline is now $3.508 a gallon. This new price is up nearly 12 cents from last week and nearly 64 cents from a year ago at this time.

This increased cost from just a year ago could cost over $665 more a year. (.64 x 20 gals x 52 weeks).

However, many expect the price to reach $4.00 a gallon this summer based on tight refined gasoline supplies and the increasing cost of crude oil.

high diesel price April 2008Diesel prices climbed as well reaching an average price of $4.143 a gallon. This is up 8.4 cents from a year ago at this time and an alarming $1.292 from a year ago.

High diesel costs continue to harm the domestic trucking industry. Already this year a nationwide trucker's strike brought attention to the issue.

In addition, higher transportation costs are fueling increased costs of food and consumer goods.

Source: US Department of Energy

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