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
- $115 a Barrel Oil is Too Cheap
- Oil Prices Expected to Ripple Through Economy
- Biofuel Myths vs Facts
- New Texas A&M Study Shows Higher Oil Prices are Impacting Consumer Prices
- Energy Prices Play a Larger Role in Food Costs
Find What You Seek --> Search FoodandFuelAmerica.com
Food and Fuel America.com
Good and Balanced Food and Fuel News!