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Caution: $4 Gasoline Ahead

Nationwide average shoots past $3.50, climbing fast towards $4

By Joe Benton
ConsumerAffairs.com

April 22, 2008

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Like a Porsche passing a radar trap, the cost of a gallon of regular gasoline has blazed past the $3.50 mark, climbing to $3.511, according to AAA.

There appears to be no end in sight for the price run up.

One month ago regular gasoline averaged $3.26 a gallon and one year ago a gallon cost $2.85. The national average price for regular gasoline is up 23 percent from a year ago, according to AAA.

Diesel is selling for $4.204, an increase of $1.27 a gallon over last year.

California suffers from the highest gasoline prices in the country with a gallon averaging $3.867 in the state. Gasoline is cheapest on average in New Jersey at $3.317.

Oil industry analyst Trilby Lundberg blamed the record gasoline prices on record crude oil costs. Lundberg does not expect the prices to go down anytime soon.

Crude oil set a record for the sixth day in a row, settling at $117.48 a barrel, up 79 cents. Oil prices have more than quadrupled in the last five years.

The cheapest gas gallon of regular gasoline is found in Columbus, Ohio for $3.13. The most expensive is on sale in Paia, Hawaii for $4.18.

Meanwhile a new survey finds that consumers are alarmed by skyrocketing gas prices and increasingly concerned by automakers' delays in providing more fuel-efficient cars. Read more ...

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