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A New Gas Price Record, Maybe

Or Then Again, Maybe Not

By Joe Benton
ConsumerAffairs.com

July 24, 2006
The national average for regular self serve gasoline has reached the highest price in 25 years according to the latest nationwide Lundberg Survey but the AAA tracking report posts the price just below the record AAA recorded following hurricane Katrina.

Either way, prices remain painfully high and within a penny of $3 a gallon.

The national average for self-serve according to Lundberg was $3.015 per gallon on July 21. The average national price according to AAA on July 21 was $2.99 on July 21.

The difference is where the record high is placed. Lundberg recorded the previous high as $3.0117 set in September of 2005. AAA Fuel Gauge places the record $3.057 last September 5.

Neither price is a record when adjusted for inflation according to the Lundberg survey. Lundberg pegs the inflation-adjusted peak at $3.16 set in March 1981.

"This price increase does not portend more price increases, unless there is a deepened threat to world oil supplies," Lundberg said.

Although there are some refinery capacity problems, demand is not growing and probably is shrinking with gas at more than $3 a gallon, she said.

The highest price for gasoline was found in San Diego at an average $3.28 a gallon, and the lowest regional average was in Charleston, South Carolina, at $2.77 a gallon, she said.

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