Tuesday, 27 March 2012 21:21

Gasoline Prices Rise Due to Increased Crude Oil Costs

March 27, 2012 in Energies by EIA

The national average price of regular grade gasoline averaged $3.58 per gallon for the month of February 2012, representing a 37-cent (11.5%) increase compared to February 2011 and an historic high for the month of February in both real and nominal prices (see chart above). However, as a result of vehicle fuel economy improvements, costs-per-mile-driven are not at record highs. Further, gasoline prices vary significantly by region, with average prices on the West Coast almost $1 per gallon more expensive than those in the Rocky Mountains. The seasonally-high retail prices are mostly a result of global crude oil prices, which have also been at record levels for this time of year.