Gasoline Prices Hit New High

Gasoline Prices Hit New High

www.reuters.com

NEW YORK (Reuters) - U.S. average retail gasoline prices have reached a new high of almost $3.20 per gallon and will likely jump another 20 to 30 cents in the next month, worsening the pain of consumers struggling to make ends meet in an economic downturn.

Gasoline prices are rising sharply as refiners, who have kept prices down in order to compete for sales, become more willing to pass on their higher costs of crude oil, according to an industry analyst on Sunday.

The national average for self-serve regular unleaded gas was nearly $3.20 a gallon on March 7, up about 9.44 cents per gallon in the past two weeks, according to the nationwide Lundberg survey of about 7,000 gas stations. The price has risen 64 cents per gallon in the past 12 months.

"The price increase was entirely due to the higher costs of crude oil," said survey editor Trilby Lundberg.

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Yay us! Just in time, gas prices have hit all time highs, riding along side the destroyed housing market, the huge spikes in fod costs, and the mass exodus of american jobs...And they're scheduled to sky-rocket another 30 cents per gallon in the next month alone! Looks like they're shooting for that $5.00 per gallon rate by summer's end! Should be a great year ahead for the oil / gas industries....lol.

www.reuters.com
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