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Gas prices extend record climb
Reach yet another high mark, with no relief in sight; average gallon of regular unleaded at $2.159.
March 31, 2005: 12:23 PM EST

NEW YORK (CNN/Money) - Gasoline prices continued to climb Thursday, extending a trend that has seen record prices every day for almost two weeks.

The average price of a gallon of regular unleaded gas rose to $2.159, according to AAA, the largest U.S. motorist organization formerly known as the American Automobile Association.

On average, gas prices are highest in Hawaii at $2.458 for a gallon of regular unleaded; they are the lowest in New Jersey at $1.981. New Jersey was the only state in the union where motorists could top off the tank for less than $2 a gallon.

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

Although the price of crude oil has eased in recent days, long-term price supports for crude remain intact -- including strong demand from the United States, rising demand from China and lower non-OPEC production. According to analysts, 40 percent of each barrel of crude goes toward gasoline production.

The long-term outlook for gasoline prices also remains strong, which may mean higher prices at the pump for the near future.

"We think gas prices will continue to go higher in the near future," a spokesman for AAA told CNN/Money. But "gas prices are very dynamic and it's hard to predict where they might go (in the long run)," he added.

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

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