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Gasoline extends record climb
Prices hit another high mark, with no relief in sight; average gallon of regular unleaded at $2.198.
April 5, 2005: 9:26 AM EDT

NEW YORK (CNN/Money) - Gasoline prices continued to climb Tuesday, extending a trend that has seen one record price after another.

The average price of a gallon of regular unleaded gas rose to $2.198, according to AAA, the largest U.S. motorist organization.

On average, gas prices are highest in Hawaii at $2.448 for a gallon of regular unleaded; they are lowest in New Jersey at $2.021.

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

According to a weekly survey of service stations by the Energy Information Administration, the national pump price for regular unleaded gasoline jumped 6.4 cents over the past week and is up 44 cents from a year ago.

The EIA said pump prices are expected to keep rising through the Memorial Day holiday in late May, the beginning of the busy U.S. summer driving season.

Although the price of crude oil eased Tuesday from Monday's peak, 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.

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

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