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AAA: Gas prices leap to record
Nationwide average for a gallon of regular unleaded soars to $2.48 a gallon, AAA survey says.
August 15, 2005: 7:47 AM EDT
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The average price of gasoline has risen to more than $2.40 per gallon. CNN's Dan Simon reports. (August 14)
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NEW YORK (CNN/Money) - Gasoline and diesel prices raced to another record high Monday, according to travel club AAA's daily fuel gauge report.

The nationwide average price of a gallon of regular unleaded gas jumped 7 cents over the weekend to $2.484 a gallon, according to AAA, the largest U.S. motorist organization formerly known as the American Automobile Association. In the last year, prices have gained 63 cents, or about 34 percent.

On average, gas prices are highest in California at $2.758 for a gallon of regular unleaded and are lowest in South Carolina at $2.337.

The national average for premium is $2.733 a gallon, nearly 69 cents higher than the year-ago average.

Retail diesel, meanwhile, is at $2.554, a gain of about 70 cents from last year's price.

AAA's report comes on the heels of another national survey released over the weekend that said gas prices broke $2.50 a gallon.

Gas prices have surged 20 cents over the past three weeks to $2.50 for a gallon of self-serve regular, according to the Lundberg Survey, which measures prices at 7,000 gas stations in every state.

Though both the AAA and Lundberg Survey reported record highs for gasoline, prices remain below their all-time highs when inflation is taken into account. According to Lundberg, gas prices were the equivalent of $3 a gallon during the Iranian revolution in the early 1980's.

Crude oil, which has been surging at breakneck speed, edged lower Monday as some refinery operations in the U.S. eased concerns over tight supply in the final weeks of the peak driving season.

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National average breaks $2.50 a gallon -- click here for more from the Lundberg Survey.

Wanna bet on gas at $3 a gallon? Click here.

Oil prices have to hit their tipping point at some time -- click here.  Top of page

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