The news source quoted from the US-wide Lundberg survey of around 7,000 gas stations that, average retail gasoline prices have reached an all-time high of around $3.47 per gallon on April 18, 2008, up 15.66 cents when compared to the April 4, 2008, average.
Industry analysts have pointed out that higher fuel costs are hitting US customers hard, given the inflated food prices, reduced home prices and increased unemployment.
US customers are expected to cut down on travel plans in the summer months of June, July and August or reduce spending in other areas as a measure to balance out the increased cost of fuel, according to industry analysts.
The Lundberg survey noted that fuel prices are increasing due to other less obvious factors. Regulatory mandates which call for the mixing of ethanol with gasoline could result in higher refining costs, while spring reformulations are also expected to add to crude processing costs.
Petroleum refiners and fuel retailers have reportedly not fully passed on their higher operating costs to the end user, with the possibility of further price increases.
