Transportation Fuel Prices Hit New Records in May 2008, According to OPIS

Transportation Fuel Prices Hit New Records in May 2008, According to OPIS

WALL, N.J.----The OPIS monthly Transportation Fuel Index (TFI), http://www.opisnet.com/tfi.asp, shows that Americans spent more than $41.5 billion on motor gasoline in May 2008. That is an increase of almost $4.1 billion from the previous month and nearly 7.1 billion more than what was spent in May 2007. Five years ago in May 2003 motorists spent just $15.6 billion, a staggering $25.9 billion less than what consumers are currently paying.

Crude was the force that continued to push prices higher. The benchmark WTI started the month at $112 per bbl and reached a high of $132 per bbl just prior to Memorial Day.

Retail gasoline prices climbed to $3.96 per gal on May 30th, a 9.5% increase over where it closed on April 30th. It was 24.7% higher than the same time last year and a whopping 170% more than what consumers paid just 5 years ago.

Diesel prices continued their upward trajectory on strong global demand. Truckers were paying $4.78 per gal at the end of May a 12.6% increase from the end of April. Last year truckstops around the country had average pump prices of $2.91 per gal and over the past 5 years truckers saw an increase of 216% in the cost to fuel their rigs.

Wholesale jet fuel prices averaged $3.77 per gal in May an increase of more than 37.3 cts per gal over last month and $1.70 per gal over last year. Jet fuel prices increased 418% over the past 5 years.

OPIS tracks real-time retail gasoline and diesel prices at more than 110,000 locations around the country. OPIS is the leading provider of dynamic fuel price information to navigation and onboard device companies. No other source offers more timely petroleum information than OPIS.

For more information on the OPIS TFI or real-time fuel prices contact Fred Rozell, Director of Retail Pricing, 732-730-2568.

OPIS (http://www.opisnet.com), a UCG company based in Gaithersburg, MD., is the most widely accepted U.S. fuel price benchmark for supply contracts and competitive positioning. OPIS covers pricing, analysis and news for gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, propane, feedstocks, resid, and kerosene.

Contacts OPISFred Rozell, 732-730-2568Director of Retail Pricing