Fuel prices strike fresh records

Nationwide average price for a gallon of regular gasoline hits all-time high of $3.386, AAA survey shows; diesel rises to record $4.119 a gallon.

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NEW YORK (CNNMoney.com) -- The average prices of gasoline and diesel fuel have reached new record highs, a AAA survey showed Tuesday.

The average price of regular unleaded gasoline rose more than a penny to $3.386 a gallon from $3.373.

Gas prices are up 18.5% from where they were last year. A month ago, the nationwide average was $3.285 a gallon.

Gasoline prices normally rise during the spring as people travel more. However, record fuel prices have also been supported by high crude prices as shrinking profit margins have caused refiners to pull back on production.

Crude oil prices rose above $112 a barrel on Tuesday, setting a new all-time trading high.

The price of refined diesel fuel has skyrocketed more than 40% over the past year. The price of diesel, which is used to operate most heavy vehicles, has become a major challenge to businesses and other organizations that rely on trucks and buses.

The average price per-gallon of diesel rose more than a penny to a new high of $4.119, according to the fuel survey. Diesel was $3.989 a gallon at this time last month and $2.938 in the same period a year ago.

Gas prices in California, which leads the nation in pricey gas, broke $3.80 a gallon. In Hawaii, gasoline remains above $3.70, while prices in Alaska are above $3.60.

New Jersey, the state with the cheapest gas, remains the only state with prices below $3.20 a gallon.

The AAA survey, updated daily, tracks prices at roughly 80,000 service stations across the country. It is conducted for the group by Oil Price Information Service. To top of page

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