News > Jobs & Economy
    SAVE   |   EMAIL   |   PRINT   |   RSS  
Another day, another gas record
AAA says average price for a gallon of regular unleaded hits another high above $2.12.
March 25, 2005: 9:14 AM EST

NEW YORK (CNN/Money) - It seems there's no end in sight for record-setting prices at the pump, with gasoline prices striking a new high above $2.12 Friday, according to an AAA survey.

The average price of a gallon of regular unleaded gas rose to $2.125, according to AAA, the largest U.S. motorist organization formerly known as the American Automobile Association.

On average, gas prices are the highest in Hawaii at $2.44 for a gallon of regular unleaded; and they are the lowest in New Jersey at $1.95 for a gallon of regular.

Gasoline prices have followed the rise in crude prices, and were given an extra boost by the deadly mid-week fire at a major refinery sent gasoline futures prices soaring and raised concerns about summer shortages.

Immediately following the explosion Wednesday afternoon at the BP (Research) plant in Texas City, Texas, outside Houston, futures for the April contract for unleaded gasoline touched a record $1.6080. They settled at $1.5992.

At this time of year refineries are rushing to switch from heating oil to gasoline production to build supplies ahead of the summer driving season.

The fire at the nation's third largest refinery killed at least 14 people and injured more than 70, BP spokesman Hugh Depland told CNN after the blast. The refinery accounts for 3.1 percent of U.S. gasoline production.

The previous high reached before the latest run-up was $2.054, notched May 26, 2004, according to AAA.

While Friday's price set a new record at the pump, when adjusted for inflation the highest price for gasoline would be the equivalent of more than $3 a gallon in the spring of 1981, Reuters said, citing the Department of Energy.

For the latest in oil prices, click here.  Top of page

graphic


YOUR E-MAIL ALERTS
Oil and Gas
Automakers
Options and Futures
Manage alerts | What is this?