- THE MAGAZINE
The EIA has predicted that prices would continue to soar at the pump because of tight supplies and high crude oil costs and reach an average of $1.76 cents a gallon next month.
Motorists probably will pay more than $1.70 cents a gallon through the summer driving season, the agency said.
In its weekly gasoline price tally, the EIA said Monday that regular gasoline prices ranged from a low of $1.61 a gallon along the Gulf Coast to a high of $2.145 a gallon in California, a jump of about 6 cents a gallon from a week ago in that part of the country.
Before this week, the highest average gasoline price recorded by the EIA was in May 2001, when motorists paid an average of $1.71 a gallon at pumps across the country.
The EIA noted that the current prices, if inflation were taken into account, might still be considered a bargain compared to what motorists paid 1981. Using today's dollars, gasoline cost an equivalent of $2.90 a gallon in March 1981 in the aftermath of the turmoil in oil supply caused by Iran's 1979 Islamic revolution.
The EIA is the statistical arm of the Energy Department.