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May 8, 2007 11:15 AM, EDT

Diesel Dips 1.9¢ to $2.792; Gas Jumps 8.3¢ to $3.054

Gasoline Price Is Close to Post-Katrina Record
Bruce Harmon/Trans Pixs

The average price of retail diesel fuel fell for a third straight week, while gasoline jumped to within 1.2 cents of an all-time record, the Department of Energy said Monday.

Diesel dipped 1.9 cents to $2.792 a gallon and gasoline soared 8.3 cents to $3.054, DOE said following its weekly survey of filling stations.

The gas price was close to the all-time record high of $3.069 set immediately following Hurricane Katrina on Sept. 5, 2005.

Gasoline has risen in 13 of the past 14 weeks, falling only by 0.7 cent two weeks ago. Over the 14 weeks, the price has risen almost 89 cents and is now 14.5 cents higher than the same week last year.

News reports Monday blamed refinery shortfalls for the gasoline spike, and analyst Trilby Lundberg said Sunday that the price had risen 20 cents in the past two weeks.

The diesel price is now 10.5 cents lower than the same week last year, DOE said.

Diesel’s pump price fell in all five DOE regions and in California, which the department breaks out separately.

Each week, DOE surveys about 350 diesel filling stations to compile a national snapshot average price.