Complete Coverage Special Report Issue #1: America's Money - This week on CNN

Retail gas prices soar to fresh record

With nationwide prices at an all-time high of $3.645 a gallon, drivers now pay 20% more than they did last year.

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Last Updated: May 8, 2008: 6:28 AM EDT

Retail gas prices have hit a new record at $3.645 a gallon, according to AAA.

NEW YORK (CNNMoney.com) -- Retail gasoline prices have jumped to new record high, auto group AAA's Web site showed Thursday.

The national average price for a gallon of regular unleaded gasoline rose to $3.645, surpassing the previous record set May 1.

Gas prices have been marching steadily higher since the start of the year.

Drivers now pay 20% more than they did a year ago, when a gallon of gas cost on average $3.034.

The price of gas has been pushed up by record high crude prices. Crude futures closed at an all-time settlement high of $123.53 a barrel Wednesday.

First Published: May 8, 2008: 6:17 AM EDT

Oil firms to settle MTBE lawsuits

Oil holds above $123

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Issue #1: This week on CNN - Noon ET.

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Markets	Last	Change
Dow Jones	12,986.80	-5.86 / -0.05%
Nasdaq	2,528.85	-4.88 / -0.19%
S&P 500	1,425.35	1.78 / 0.13%
10-year Bond	100 7/32	Yield: 3.84%
U.S.Dollar	1 euro = $1.558	0.013

May 16, 2008 12:00 AM ET

Company	Price	% Change
Advance Auto Parts Inc	38.76	11.89%
Level 3 Communications Inc	3.58	9.15%
Smurfit-Stone Container Corp	6.11	7.95%
XTO Energy Inc	66.70	5.92%

May 16 3:56pm ET †

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