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July 5, 2008 5:02:59 PM CDT

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Gas Spikes to All-Time Record

Posted May 21, 07 12:01 PM CDT in US,  Business    Editor's Choice

(Newser) – Gas hit a record high of $3.18 yesterday, soaring past the previous all-time high, the inflation-adjusted 1981 price of $3.15 per gallon. A spate of fires and power outages have crippled the nation's refineries, sending prices soaring even as crude oil costs drop. That's turning consumers away from non-essential purchases like clothing and big-ticket items, CNNMoney reports.

Pain in the pocketbook won't keep Americans off the road this weekend, according to AAA, which anticipates a record number of Memorial Day weekend motorists. And prices still aren't high enough to push automakers to develop technologies that make SUVs more fuel-efficient, BusinessWeek reports. More likely, purchasing patterns will shift away from the gas-guzzlers.

Source CNN

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An oil refinery works is seen in Port Arthur, Texas, Thursday, May 17, 2007. Gasoline prices hit new records at the pump again Thursday, while gas and oil futures traded higher on continued concerns that...   (Associated Press)
Prices for the various grades of gasoline are posted outside a station in Denver early on Sunday, May 20, 2007. Prices continue to spiral upward as the Memorial Day holiday weekend approaches. (AP Photo/David...   (Associated Press)
Gas prices in the northwest section of the District of Columbia at this Exxon Gas Station are seen at more than $3.25 per gallon, Saturday, May 19, 2007, in Washington. Gasoline prices set more records...   (Associated Press)
A motorcyclist looks at the gas prices at a Shell gas station n the Hollywood section of Los Angeles, Wednesday, May 16, 2007. (AP Photo/Kevork Djansezian)   (Associated Press)
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