Gas Prices Hit Record High

$4 gallon of gas around the corner, experts warn

By Peter Fearon, Newser Staff

Posted Mar 10, 2008 8:50 AM CDT

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Gas Prices Hit Record High — A customer pumps $75 worth of V-Power premium gas at a Shell gas station in San Mateo, Calif. Crude prices rebounded Thursday, shooting up more than $2 a barrel to a new record as a falling dollar and the prospect of lower interest rates attracted fresh money to the oil market. Retail gas prices, meanwhile,... (Associated Press)

Gas prices rocketed 64 cents in the last year to a national average of $3.20 per gallon of regular, CNN reports. A survey of prices at 5,000 gas stations found the highest price, $3.58, in San Francisco and the lowest, $2.99, in Cheyenne, Wyoming. The last two weeks alone saw an increase of 9 cents a gallon.

Increased demand will push prices up even further in the coming months, and a $4 gallon of gas is around the corner, according to the survey. "We should be ready to absorb even higher prices, and quickly—at least 20 to 30 cents at the pump, perhaps by mid-April," said the publisher of the survey. (More gas prices stories.)

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