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Gas prices set 6th straight mark
Average price for gallon of regular self-serve comes in at $1.753 before OPEC meets to discuss cuts.
March 30, 2004: 10:39 AM EST

NEW YORK (CNN/Money) - Gas prices crept to another record high Tuesday, a day before OPEC meets to discuss its planned oil production cuts in April.

The AAA's survey of gas prices hit a new record of $1.753 a gallon on Tuesday, up 3/10th of a cent from Monday's average. It marks the sixth straight record for the survey, which is updated every weekday.

The AAA survey, which breaks down prices by state, found Hawaii with the most expensive gas at $2.131, followed by California at $2.129, while Oklahoma is the cheapest gas at $1.612, followed by South Carolina at $1.621.

Prices could continue to rise as the Organization of Petroleum Exporting Countries seemed ready to go ahead with its production cuts.

Saudi Arabian Oil Minister Ali al-Naimi appeared to make the case Tuesday for OPEC to proceed with planned April output cuts, which he said were already being implemented.

Oil and Gas
Organization of Petroleum Exporting Countries (OPEC)

Naimi said it was too early to say what the likely outcome of a Wednesday OPEC meeting would be, but said producers could not control the speculative investors who have driven oil prices higher this year, adding that OPEC policy should focus on market fundamentals not prices.

In addition, the Lundberg survey, conducted over the past two weeks and released Sunday, showed prices up more than 3-1/3 cents to just over $1.77, said Trilby Lundberg, publisher of the Lundberg Survey, which canvasses about 7,000 U.S. filling stations.  Top of page

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