US retail gasoline reaches $3.837/gal, highest since Sept 2008

20 April 2011 23:13  [Source: ICIS news]

HOUSTON (ICIS)--US retail gasoline prices reached an average of $3.837/gal (€0.71/litre) with seven states averaging more than $4.00/gal, the American Automobile Association (AAA) reported on Wednesday.

The nationwide average is at its highest level since September 2008, according to the US Energy Information Administration (EIA).

It is also 34% higher than the same time last year and 8% higher than the same time in March, according to the AAA.

The record average price for retail gasoline was set on 7 July 2008 at $4.114/gal, according to data from the EIA.

Phil Flynn, a consultant with brokerage firm PFGBest, said he expects the nationwide retail average to reach $4.00/gal by Memorial Day on 30 May.

The states that are already showing average prices above $4.00/gal include Alaska, California, Connecticut, Hawaii, Illinois and New York. In addition, the District of Columbia recently saw average retail gasoline prices top $4.00/gal.

($1 = €0.70)

By: Sheena Martin
+1 713 525 2653

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