Price of diesel continues to soar

June 10, 2008 9:53:57 PM PDT
The bad news for motorists continues. While the average price of gasoline has topped four-dollars a gallon, the price for a gallon of diesel fuel has just topped FIVE-dollars. These soaring prices are hurting local consumers. AAA has released a new Pain at the Pump report, which shows Philadelphia County residents are spending an average of $158 a month on gas - that's nearly six percent of their monthly income.

The price of diesel hit five-dollars overnight in the Philadelphia five-county area. It's $5.29 on City Line Avenue in the city's Wynnefield section.

It's painful for Rick Fioravanti who now spends up to $400 a week fueling his diesel-guzzling work van.

The price of regular gas has hit another all-time record as well. In the Philadelphia area it's up two cents since yesterday to $4.11 for a gallon of unleaded. Prices in South Jersey went up a penny overnight to $3.97. Expect to pay $4.02 in Delaware.

It might be time for Max Kruger to trade in his Mercedes SUV, which takes about 80-dollars to fill up.

Kruger tells us, "It's a lot and it goes through it pretty quick too. It gets like 14 miles to the gallon, so it's killer."

And AAA predicts while we may not see any more dramatic spikes in gas prices they will continue to go up incrementally through the 4th of July.

Cathy Rossi from AAA says, "We don't have a crystal ball. We can't say how much, but we can say because the price of crude oil has been at record oil for some period of time, not all of that has translated at prices at the pump."

Results of a recent poll show us 66-percent of Americans say gas prices have made them cut back on driving. 55-percent say they have cut back on household spending due to gas prices, and 71-percent say the price of gas has made them consider a fuel-efficient car.

That explains why certain hybrids are now in very limited supply. Toyota and GM reportedly couldn't ramp up battery production for some of their hybrids fast enough to meet demand.