Tom Doggett
Reuters
April 1, 2008
WASHINGTON (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.
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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.
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