Tags: Gasoline | Prices | highest | march

Gasoline Prices Surge to $3.87, Highest Ever in March

Tuesday, 20 March 2012 07:30 AM

U.S. drivers paid 3.8 cents more for a gallon of gasoline this past week, the U.S. government said on Monday, as this year's record fuel prices showed little sign of abating.

U.S. gasoline prices hit $3.87 a gallon in the week ended Monday, up more than 27 cents in the past month and the highest level recorded for March, according to data from the Energy Information Administration's weekly survey of service stations.

Big cities such as Chicago, Seattle and Los Angeles are already seeing average gasoline prices above $4 a gallon.

Soaring gasoline prices have provided an opening for Republicans to attack President Barack Obama this election year, with opponents linking expensive fuel to the administration's decisions to delay the Keystone XL pipeline and to limit expansion of offshore drilling.

Obama has hit back by arguing that there is no "silver bullet" for high gasoline prices and highlighting his administration's support for oil and gas drilling as well as clean-energy innovation.

The White House will take that pitch on the road this week, as Obama makes stops in Nevada, New Mexico, Oklahoma and Ohio to tout his energy strategy.

Obama has also been facing pressure from within his party to release crude from U.S. emergency oil reserves to help bring down prices.

British sources told Reuters last week that the UK was set to agree to release reserves together with the United States later this year.

© 2021 Thomson/Reuters. All rights reserved.

Tuesday, 20 March 2012 07:30 AM
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