Gas prices on a roll - WMC Action News 5 - Memphis, Tennessee

Gas prices on a roll

NEW YORK (AP) - Gasoline prices are near a new record at the pump, having surged to within half a cent of the record high of $3.227 a gallon. Crude, meantime, has hit a new trading high Monday.

The national average price of a gallon of gas rose 0.7 cent overnight to $3.222 a gallon, according to AAA and the Oil Price Information Service.

That's 69 cents higher than one year ago. Last May, prices peaked because of surging demand and a string of refinery outages.

Although many analysts see gas prices going higher, they do not see them breaching $4 a gallon on average.

Light, sweet crude for April delivery rose $1.57 to $106.72 on the New York Mercantile Exchange after earlier setting a new trading record of $107.


(Copyright 2008 by The Associated Press.  All Rights Reserved.)

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