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Gas prices hit a new high
Prices climb to another record; average cost of a gallon of regular unleaded increases to $2.272
April 11, 2005: 7:55 AM EDT

NEW YORK (CNN/Money) - Gasoline prices continued to climb Monday as the average price of a gallon of regular unleaded rose to $2.272, according to AAA, the largest U.S. motorist organization.

On average, gas prices are highest in California at $2.618 for a gallon of regular unleaded; they're lowest in New Jersey at $2.069.

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

Diesel gas also hit a record high Monday at $2.386 a gallon.

According to the Energy Information Administration, pump prices are expected to keep rising through the Memorial Day holiday in late May, the beginning of the busy U.S. summer driving season.

Although the price of crude oil eased from last week's peak, 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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