May 8, 2008
Gas Prices Jump 3 Cents, Set New Record
“The physical supplies do not justify the price, it just doesn't make sense.”
Gas prices jumped nearly 3 cents overnight to a new national record of nearly $3.65 a gallon Thursday, while oil prices paused from their own climb to record highs and succumbed to mild profit-taking.
At the pump, the average price of a gallon of regular gas nationwide rose 2.7 cents to a record $3.645, according to a survey of stations by AAA and the Oil Price Information Service. Diesel prices also rose, adding 0.9 cent to match a record national average of $4.251 a gallon.
Gas prices tend to lag oil futures, and with crude rising to a new record near $124 a barrel Wednesday and likely headed higher, it's widely expected the average price of gas will soon rise as high as $4. Motorists in many areas, including parts of California and Hawaii, are already paying that much, or more. Read more
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