UPDATE 2-U.S. retail gasoline price at record $3.29/gln-Govt

Mon Mar 31, 2008 10:59pm BST
 
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(Adds comments from American Petroleum Institute, congressional hearing, more city gasoline prices)

By Tom Doggett

WASHINGTON, March 31 (Reuters) - The U.S. retail price for gasoline set a new high of $3.29 a gallon after rising 3.1 cents over the last week, the federal Energy Information Administration said on Monday.

The national price for regular, self-service gasoline is up 58 cents from a year ago as expensive crude oil continued to be passed on to consumers at the pump, the Energy Department's analytical arm said in its weekly survey of service stations.

The American Petroleum Institute, the trade group for big oil companies, said on Monday that high crude prices are mostly behind consumer pain the pump.

API said the price of oil now accounts for about 70 percent of the cost for making gasoline, with federal and state excise taxes making up another large chunk of the price for a gallon of gasoline.

U.S. lawmakers on Tuesday are expected to press the executives from five major oil companies, including ExxonMobil, BP and Shell, at a congressional hearing on soaring gasoline prices and the industry's billions of dollars in record profits.

In the EIA's latest weekly survey, gasoline was the most expensive on the West Coast at $3.52 a gallon, up 0.6 cent. San Francisco had the highest city price at $3.65, down a penny.

The Gulf Coast states had the cheapest regional price at $3.21 a gallon, up 4 cents. Boston had the lowest city price, up 0.7 cent to $3.11.  Continued...

 

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