NEW YORK (CNN/Money) - Record gas prices are becoming a daily event, and there's an indication that there's no end in sight.
The average price for a gallon of unleaded, self-service gasoline hit $2.054 Wednesday, up a tenth of a cent from Tuesday, according to the motorists' group AAA.
Speculation buying amid continuing violence in the Middle East, claims of bottlenecks at U.S. refineries and the beginning of the summer driving season have driven prices to the record highs.
In another potentially troubling sign, commercial gas supplies fell 700,000 barrels in the week ended May 21 while crude oil stockpiles remained unchanged, the Energy Information Administration said Wednesday.
Gasoline stockpiles usually rise in the months before the summer. The drop could further lift prices at the pump.
"This is a triple whammy," Phil Flynn, market analyst at Alaron Trading, told Reuters. "The EIA report [points to higher prices] because we have a draw on gasoline and not any build on crude oil stocks...at the same time distillate stocks are also running behind, when they should be building too."
Despite the gas drawdown, U.S. light crude for July delivery fell 19 cents to $40.95 a barrel as of 11:30 a.m. ET.
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