July 12, 2006

U.S. fuel prices close to all-time high

Orlando, Florida – Average U.S. gasoline prices have reached their highest level of the year, and near their all-time high reached in the aftermath of Hurricane Katrina last September, according to the AAA. Yesterday’s nationwide average price for self-serve regular gasoline was $2.968 per gallon (all prices U.S.); prior to this week, the previous high for the year was $2.934 per gallon reached on May 16. On September 5, 2005, prices hit an all-time record high of $3.057 per gallon.

AAA said events in Mexico, Iran, Iraq, Israel, India and North Korea have “energy markets on edge and oil prices at elevated levels.” One month ago, the average price was $2.899, and one year ago was $2.291 per gallon.

Currently, Hawaii has the nation’s highest fuel prices at $3.372 per gallon, followed by California at $3.256 and Connecticut at $3.191; sixteen states and the District of Columbia have average retail prices over $3.00 per gallon. The nation’s lowest prices are in South Carolina at $2.793, Tennessee at $2.749, and Mississippi at $2.805.

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