Wall, New Jersey – Americans spent more than $41.5 billion (all prices U.S.) on motor gasoline in May 2008, an increase of almost $4.1 billion from April and nearly $7.1 billion more than was spent in May 2007, according to the Oil Price Information Service (OPIS) Transportation Fuel Index.
Five years ago, in May 2003, motorists spent just $15.6 billion, or $25.9 billion less than what they spent in May 2008. OPIS said that crude continued to push prices higher, starting at $112 per barrel in the beginning of the month and reaching a high of $132.
Retail gasoline prices climbed to $3.96 per gallon on May 30, a 9.5 per cent increase over where it closed on April 30. It was 24.7 per cent higher than in May 2007, and 170 per cent more than in May 2003.
Diesel also climbed to $4.78 per gallon at the end of May, a 12.6 per cent increase from the end of April. In May 2007, diesel was an average $2.91 per gallon; it has increased 216 per cent in the last five years.