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Gas prices top $3.40 nationwide

By Ben Rooney, staff reporter


NEW YORK (CNNMoney) -- Gas prices jumped 4 cents overnight, with the average American driver now paying more than $3.40 a gallon.

The national average price for a gallon of regular gasoline rose to $3.427 on Thursday, according to a daily survey by motorist group AAA. That's up from $3.387 a gallon on Wednesday.

Gasoline prices and taxes by state
Prices at the pump can vary widely among states due to a number of factors. More

Gas prices have not averaged more than $3.40 a gallon since October of 2008. The record high was over $4.11 a gallon in July 2008.

The highest gas prices were in Hawaii, where drivers pay an average of $3.82 a gallon.

California also has gas prices above $3.80 a gallon, while Alaskans pay $3.77 on average.

Wyoming and Montana were tied for the cheapest gas in the nation. Drivers in both states pay an average of $3.12 a gallon.

Gas prices vary widely from state to state based largely on local tax rates.

But prices have been trending higher nationwide following a rise in the price of crude oil, the main ingredient in gasoline.

Nationwide, gas prices have gone up 25 cents over the past 10 days.

Oil prices were under pressure Thursday, but held firmly above $100 barrel.

Investors in the oil market have been nervously watching the situation in Libya, where fighting between rebels and forces loyal to Moammar Gadhafi continued Thursday. To top of page

Index Last Change % Change
Dow 15,973.84 313.66 2.00%
Nasdaq 4,337.51 70.67 1.66%
S&P 500 1,864.78 35.70 1.95%
Treasuries 1.75 0.10 6.33%
Data as of 8:29am ET
Company Price Change % Change
Bank of America Corp... 11.95 0.79 7.08%
General Electric Co 28.26 0.81 2.95%
Cisco Systems Inc 25.11 0.43 1.74%
Chesapeake Energy Co... 1.59 -0.19 -10.67%
Freeport-McMoRan Inc... 5.53 0.64 13.09%
Data as of Feb 12
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