Gas price record reaches $4 a gallon
Monday, 9 June 2008
NEW YORK, June 06 (Agencies): Gasoline rose to a milestone mark Sunday as the national average compiled by motorist group AAA reached $4 a gallon for the first time.
The national average for regular unleaded rose 1.7 cents to $4.005, according the daily measure on the group's Web site. That surpassed the previous record of $3.989 set Thursday.
The milestone was expected after a surge in crude oil prices added more than $16 to a barrel of oil over the last 2 trading days. Crude settled at a record $138.54 a barrel Friday, up by $10.75, after setting an all-time intraday high of $139.12.
Meanwhile another report from Aomori in Japan adds, the Group of Eight rich nations, alongside China and India, the world's fastest-growing major economies, vowed to raise energy efficiency, two days after oil prices posted their biggest-ever gain and exacerbated growth concerns.
With South Korea, the 10 countries will establish the International Partnership for Energy Efficiency Corporation, according to a joint statement issued after a meeting of top energy officials in Aomori, northern Japan, today.
The $10.75 gain was the biggest one-day advance in dollar value ever, nearly doubling the previous mark of $5.49 set Thursday. Weakness in the dollar, geopolitical concerns and an analyst's prediction of $150-a-barrel oil by July 4 helped spur Friday's advance.
In a statement Friday, AAA urged gasoline station owners not to overreact to the single-day oil spike.
"Consumers should not be overcharged for gasoline simply because the oil markets reacted so strongly to today's news," AAA said. Big jump felt across the nation
So far this year, crude prices have increased more than 40 per cent.
The average price is $4 a gallon or more in 14 states and the District of Columbia, according to the survey. California pays the most for gasoline, averaging $4.436, with Alaska and Connecticut both at $4.296. Other states above $4.00 are Hawaii, Illinois, Massachusetts, Maine, Michigan, Nevada, New York, Oregon, Rhode Island, Washington and West Virginia.
Missouri has the lowest average price at $3.802, followed by South Carolina at $3.809.
Gas prices have risen more than 10% from $3.671 a month ago and are nearly 29% higher than the $3.105 average a year ago, according to the AAA figures.
Gasoline prices in the survey have risen for 31 of the past 33 days, setting records on 29 of those days.
The price of diesel fuel, used by truckers hauling goods across the country, rose 0.8 cent to $4.762 a gallon. That's 3 cents below the all-time high set May 30.
On its Web site, AAA says the information is gathered by Oil Price Information Service based on credit card swipes at 85,000 gasoline stations across the nation.
The national average for regular unleaded rose 1.7 cents to $4.005, according the daily measure on the group's Web site. That surpassed the previous record of $3.989 set Thursday.
The milestone was expected after a surge in crude oil prices added more than $16 to a barrel of oil over the last 2 trading days. Crude settled at a record $138.54 a barrel Friday, up by $10.75, after setting an all-time intraday high of $139.12.
Meanwhile another report from Aomori in Japan adds, the Group of Eight rich nations, alongside China and India, the world's fastest-growing major economies, vowed to raise energy efficiency, two days after oil prices posted their biggest-ever gain and exacerbated growth concerns.
With South Korea, the 10 countries will establish the International Partnership for Energy Efficiency Corporation, according to a joint statement issued after a meeting of top energy officials in Aomori, northern Japan, today.
The $10.75 gain was the biggest one-day advance in dollar value ever, nearly doubling the previous mark of $5.49 set Thursday. Weakness in the dollar, geopolitical concerns and an analyst's prediction of $150-a-barrel oil by July 4 helped spur Friday's advance.
In a statement Friday, AAA urged gasoline station owners not to overreact to the single-day oil spike.
"Consumers should not be overcharged for gasoline simply because the oil markets reacted so strongly to today's news," AAA said. Big jump felt across the nation
So far this year, crude prices have increased more than 40 per cent.
The average price is $4 a gallon or more in 14 states and the District of Columbia, according to the survey. California pays the most for gasoline, averaging $4.436, with Alaska and Connecticut both at $4.296. Other states above $4.00 are Hawaii, Illinois, Massachusetts, Maine, Michigan, Nevada, New York, Oregon, Rhode Island, Washington and West Virginia.
Missouri has the lowest average price at $3.802, followed by South Carolina at $3.809.
Gas prices have risen more than 10% from $3.671 a month ago and are nearly 29% higher than the $3.105 average a year ago, according to the AAA figures.
Gasoline prices in the survey have risen for 31 of the past 33 days, setting records on 29 of those days.
The price of diesel fuel, used by truckers hauling goods across the country, rose 0.8 cent to $4.762 a gallon. That's 3 cents below the all-time high set May 30.
On its Web site, AAA says the information is gathered by Oil Price Information Service based on credit card swipes at 85,000 gasoline stations across the nation.