

finance.myway.com on gasoline prices
Gas Prices Hit New High of $2.55 a Gallon
Monday August 15, 4:46 PM EDT
NEW YORK (AP) — The retail price of gasoline soared more than 18 cents last week to an average $2.55 a gallon nationwide, a new record, the Energy Department reported Monday.
The previous record high was $2.37 per gallon, established the previous week. Adjusting for inflation, retail gasoline prices peaked above $3 a gallon in 1981.
The latest weekly government survey said the average price nationwide of regular-grade gasoline rose by 18.2 cents to $2.55 per gallon, or 67.5 cents a gallon higher than the same time a year ago.
Pump prices were highest on the West Coast, averaging $2.669 a gallon, and cheapest in the Rocky Mountain region, where motorists paid on average $2.44 a gallon. In the Midwest, gas averaged $2.531 per gallon.
Record crude oil prices have continued to plague motorists at the pumps. Persistent increases in global demand were exacerbated last week by refinery problems in the United States, while a busy hurricane season in the Gulf of Mexico continues to encourage speculation.
On Monday, light sweet crude for September delivery settled 59 cents lower at $66.27 on the New York Mercantile Exchange, off from Friday's record intraday high of $67.10.