Gasoline 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.
Diesel 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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