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Gas Price Records Shattering As Oil Prices Gush

Nationwide average price just 3 cents shy of a record

By Joe Benton
ConsumerAffairs.com

February 29, 2008

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State gasoline record are shattering across the country and the average price for regular self-serve gasoline in the throughout the U.S. is less than 3 cents shy of a new record high at $3.20.

More states are likely to see record high prices before the weekend is over.

Oil prices have now jumped to a new record above $106, a price level most industry analysts dismissed as unlikely less than a year ago.

Light, sweet crude for April delivery rose 55 cents to $106.02 a barrel on the New York Mercantile Exchange. Prices changed direction several times before setting a new trading record of $106.54.

New records for gas prices are being set across California on a hourly basis as Californians now pay the highest gasoline prices in the history of the state. The statewide average price for a gallon of regular self serve gasoline is $3.54, surpassing the previous record high of $3.49 sent May 7, 2007.

Gasoline prices are more than 10 cents above the state average in the San Francisco Bay area.

New record high gasoline prices are the talk of Texas with regular self serve selling for $3.10 across the Lone Star State.

It is the same story in Florida. The statewide average price for regular self serve has hit an all time high a $3.27 a gallon.

The average national price for mid-grade gasoline is $3.39 and premium now commands an average price of $3.51. Diesel sells for a national average of $3.74. That price is also a new record high.

The most expensive gallon of regular gasoline in the country is on sale in Lee Vining, California for $4.19, though there were reports early in the week that regular gasoline sold for more than $5.00 a gallon at some stations in the Big Sur area.

Some sanity still prevails in Edgar Springs, Missouri where a gallon of regular gasoline can be found for $2.82.

Here is a look at gasoline prices from around the country in the ConsumerAffairs.com Gas Price Round Up.

California: The statewide average price for a gallon of regular self-serve gasoline is $3.54, which is 58 cents higher than it was a year ago, before the 2007 spring price run-up, according to the American Automobile Association.

Almost every region in Southern California created new all-time records for gas prices this week, according to AAA.

The average price of self-serve regular gasoline in the Los Angeles-Long Beach area is $3.50, which is 13 cents higher than last week, 45 cents more than last month, and 61 cents above last year.

In San Diego, the price is $3.54, which is 11 cents more than last week's price, 45 cents above last month, and 62 cents higher than last year.

On the Central Coast, the average price is $3.64, up 10 cents from last week, 41 cents above last month, and 62 cents more than last year.

In the Inland Empire, the average price is $3.50, 11 cents above last week, up 45 cents from last month, and 60 cents higher than last year.

"Record prices have typically been set in April or May, but not in March," said Auto Club spokesperson Jeffrey Spring. "Oil industry analysts say that a major reason behind this spike is large amounts of investor money pushing up prices for wholesale gasoline and oil."

Texas: Retail gasoline prices reached record highs in Texas this week, according to the weekly AAA Texas gasoline price survey.

The survey showed regular self-serve averaged $3.10 per gallon across the state, 3 cents higher than last week.

"Record crude oil prices continue to push retail gasoline prices to new record highs," said AAA Texas spokeswoman Rose Rougeau. "AAA is encouraging consumers to conserve by doing such things as consolidating trips and errands and to stick to a routine maintenance schedule to ensure your vehicle achieves maximum fuel efficiency."

The lowest local average in Texas was in San Antonio, where the price increased 4 cents to a record of $3.07 per gallon. The highest average was in Texarkana, where the price rose 4 cents to a record $3.17 per gallon.

Florida: Gas prices throughout the Sunshine state are setting new records.

Average prices for regular fuel were the highest ever recorded in Palm Beach County at $3.34 a gallon and Miami-Dade at $3.31.

The average price across Florida is now $3.27.

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