Gas price record, one year later

Friday marks the one-year anniversary of $4.114 a gallon gas, the highest price ever recorded by AAA.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all RSS FEEDS (close)
By Ben Rooney, staff writer

Gasoline prices and taxes by state
Prices at the pump can vary widely among states due to a number of factors. More
Gas prices strain struggling households
The recent spike in gasoline prices comes at a particularly unfortunate time -- many Americans are still reeling from the economic downturn. Here is how some people have responded to the return of pain at the pump.

NEW YORK ( -- It's been one year since drivers across America were stuck paying the highest gas prices on record, and the memory is not a pleasant one for consumers.

Friday marked the anniversary of $4.114-a-gallon gas. It was the highest national average price ever recorded by motorist group AAA, which has conducted a daily survey of up to 100,000 filling stations since 2003.

The surge took a heavy toll on consumers. Not only did the cost of driving jump, but prices for other consumer staples, such as groceries, also shot up as transportation costs increased.

In response, consumers drastically cut back on driving and many switched to more fuel-efficient cars.

That led to huge financial losses for automakers. Earlier this year, General Motors and Chrysler, two companies that specialize in full-size automobiles, both declared bankruptcy.

Now, the national average stands at $2.481 a gallon, down nearly 40% from last year's peak.

Gas prices have fallen for 26 days in a row after climbing to $2.693, the highest level of 2009, on June 21.

While prices average $2.50 a gallon or less in 28 states, gas remains above $3 a gallon in both Hawaii and Alaska, where gas taxes are comparatively high.

Analysts say gas prices could continue to fall over the next few weeks. But summer is peak driving season -- not to mention hurricane season in the oil-producing Gulf of Mexico -- and it's possible prices could rebound in August.

"We think that $2.50 a gallon is a pretty good number for consumers to budget their fuel expenditures," said AAA spokesman Geoff Sundstrom.

Last year, gas prices were driven higher by a an unprecedented rise in the price of crude oil, which is the main ingredient in gasoline. Oil prices settled at a record $145.29 a barrel one day before the price of gas hit its all-time high.

Oil prices plunged in the second half of 2008 as the global economic crisis unfolded. Gas prices followed suit, with the national average price dropping to about $1.60 a gallon in December.

More recently, crude prices have traded in a range near $60 a barrel as demand for oil-based products remains weak.  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
Cars that sold for millions at the Scottsdale auctions These were the highest prices paid for collectible cars -- and a bus -- at the Scottsdale auto auctions. More
The best of SkyMall This catalog is always packed with ridiculous items that we just can't live without. More
Blue collar entrepreneurs These five entrepreneurs took their blue collar experience and used it to launch innovative businesses. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.