U.S. gasoline, diesel prices hit new records

By Tom Doggett

WASHINGTON (Reuters) - The average price U.S. drivers paid for gasoline soared to a new high of $3.51 a gallon, rising 11.9 cents over the last week, the government said on Monday.

The national average price for regular, self-service gasoline is up 64 cents from a year ago, the federal Energy Information Administration's said in its latest survey of service stations.

Pump prices are rising because of high crude oil costs, which on Monday climbed to a record $117.83 a barrel at the New York Mercantile Exchange. The price of crude oil accounts for about 70 percent of the cost for making gasoline.

The EIA's weekly survey showed gasoline was again the most expensive on the West Coast at $3.73 a gallon, up 7.2 cents. San Francisco had the highest city price at $3.86, up 4.5 cents.

The Gulf Coast states had the cheapest regional price at $3.41 a gallon, up 12.6 cents. Cleveland had the lowest city price, up 7 cents to $3.36.

As fuel prices roar to successive record highs, more Americans are planning to cut back on driving and buy fewer gas-guzzling vehicles, according to a consumer group survey released on Monday.

U.S. households spent more than $100 billion on gasoline during the first quarter of this year, more than double the $40 billion spent in the same period just six years ago, said the Consumer Federation of America.

"That's a huge bite out of the household budget," said Mark Cooper, CFA's research director. "People will use less gasoline."