WASHINGTON – Gasoline prices hit a record weekly high for the week ending May 14, according to data released by the U.S. Energy Information Administration (EIA).
Gasoline prices jumped 4.9 cents per gallon to reach $3.103 per gallon, according to EIA. The previous high of nearly $3.07 a gallon was reached in September 2005. Gasoline prices have risen more than 91 cents per gallon since the first week in February, which is considered to be the beginning of the seasonal transaction.
California was the only region to see lower prices, according to EIA. While prices for the state fell 1.1 cents per gallon, they still stand at $3.45 per gallon, the highest in the country.
Reformulated gasoline futures for June delivery briefly hit a 9-month high before dropping more than five cents per gallon to settle at $2.30 per gallon, reports MarketWatch.