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Gasoline keeps on rising
Prices reach still another record; average cost of a gallon of regular unleaded increases to $2.265.
April 8, 2005: 12:44 PM EDT

NEW YORK (CNN/Money) - Gasoline prices continued to climb Friday as the average price of a gallon of regular unleaded rose to $2.265, according to AAA, the largest U.S. motorist organization.

On average, prices are highest in California at $2.591 for a gallon of regular unleaded; they're lowest in New Jersey at $2.064.

The previous high, reached before the latest run-up, was $2.054, notched May 26, 2004, according to AAA.

Diesel also hit a record high Friday at $2.380 a gallon.

According to a weekly survey of service stations by the Energy Information Administration (EIA), the national pump price for regular unleaded gasoline jumped 6.4 cents during the past week and is up 44 cents from a year ago.

The EIA said gasoline demand this summer is forecast to increase 1.8 percent from last summer, and prices are expected to keep rising through the Memorial Day holiday in late May, the beginning of the busy U.S. summer driving season.

American drivers will consume an average of 9.331 million barrels per day (bpd) of gasoline this summer, according to the EIA.

Although the price of crude oil continued to slip further from Monday's record peaks, long-term price supports for crude remain intact -- including strong demand from the United States, rising demand from China and lower non-OPEC production. According to analysts, 40 percent of each barrel of crude goes toward gasoline production.

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Oil and Gas
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