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Relentless Gas Price Increase Continues

Average price nearly $1 higher than last year at this time

By Joe Benton
ConsumerAffairs.com

June 10, 2008

• Gas Prices Trickle Down • Why Are Oil Prices Falling? • Labor Day Gas Prices Up a Penny • Gas Prices Fall for 37 Days • Gas Prices Slide 8 Percent from Record • Gas Prices Creep Down • Oil Price Trend May Be Good News For Consumers • Gasoline Drops Below $3.90 a Gallon • Gas Prices Pull Back Slowly • Oil Prices Fall As Storm Misses Rigs • Latest Gas Price Round-Up • 'Run Your Car On Water' Scheme Could Leave Consumers All Wet • Unregulated Energy Trading Blamed for Much of Gas Price Gusher • Airlines Join Effort To Limit Oil Speculators • Questions Raised about MyGallons.com • 'Hypermiling' Is Dangerous, Says AAA • Struggling Drivers Blame Washington for High Gas Prices • What’s Really Fueling Those Sky-High Oil Prices • Credit Card Fees at the Pump are a 'Hidden Tax' on Consumers • Survey: 3 Out of 4 Angry About High Gas Prices • $2 A Gallon Gas Possible, Analysts Tell Congress • Speculators Buy More Oil Contracts Than Oil Companies • Saudis to Pump More Oil • Limiting Oil Speculators Gains Ground • Congress To Probe Oil Price Spike • Oil Market 'Saturated,' Iran Claims • Feds See No Relief from High Gas Prices • High Gas Prices Could Mean Lower Insurance Rates • High Gas Prices Good For Kia, Honda • Gas Prices Rip Past $4 and Keep Climbing • Administration, OPEC See Different Causes Of Oil Surge • Feds Probing Possible Oil Market Manipulation • Beware of Fuel Sippers Sipping High-Test • Retailers Respond to High Gas Prices with Discounts, Promotions • Rushing Into a Smaller Car Too Soon May Not Save Money • Hybrid Sales and Prices Climb in Lockstep with Gas Prices • Truckers Bemoan Burden of High Diesel Costs • Gas Prices Biting into Worker Productivity • Consumers Warned About Gas-Saving Schemes • Is Tony Soprano Controlling Gas Prices? • Oil & Gas: The New Bubble • Critics: New Federal Gas Mileage Standard Falls Short • Consumers Feeling Pain of Skyrocketing Gas Prices • New Gas Price Record Forecasts Expensive Summer Driving Season --- • More ...

Gas prices jumped 2 cents in the last 24 hours to set a new record national average of $4.043, according to the AAA Fuel Gauge Report.

Four consecutive days of gas price increases have pushed the price of regular self-serve above the $4 mark in 23 states and the District of Columbia.

The highest statewide average price is found in California at $4.473. The cost of a gallon of regular gasoline increased almost 3 cents overnight in California.

Missouri drivers find the lowest statewide gasoline prices with an average of $3.840.

One month ago regular gasoline sold for an average price of $3.707. One year ago the average price for regular gasoline was $3.081.

Mid-grade gasoline now sells for $4.24 and premium sells for $4.447 a gallon.

The most expensive gallon on sale is found in Lanai City, Hawaii for $5.11. The cheapest gallon is on sale in West Memphis, Arkansas for $3.67.

Diesel fuel is selling for an average price of $4.785 in the U.S.

No end in sight

Startling though it may be, these may soon look like the good old days, as many analysts warn prices are likely to continue climbing, at least for the near future.

"If crude oil prices stay at nearly $139 a barrel, a 30-cent rise for a gallon of gas over the next few weeks is possible," said Trilby Lundberg, editor of the nationwide Lundberg survey of about 7,000 gas stations.

"We can expect some further increase at the pump," Lundberg warned. The Lundberg warning was echoed in a statement issued by the travel group AAA.

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