According to AAA motor club, gasoline currently sits at a record nationwide average price of $2.061 a gallon as it continues to climb after surpassing the record high in May of $2.054 last Thursday. Oil analysts predict that gasoline prices will continue to rise with prices adding another 20 cents or so before summer arrives.
Crude oil prices continue to climb with oil speculators jumping in as they predict worldwide demand will create oil shortages. Gasoline is made from this crude oil which is roughly half of its price causing it to also rise. In addition, gasoline is switching over to a summer blend which is less polluting and required by law in most of the US. It's also more expensive that the winder blend. All this results in higher prices for consumers with no end currently in sight.
Adjusted for inflation, oil would have to top $81 a barrel to hit a new record high. With oil prices already nearing $60 a barrel, inflation adjusted highs seems to still be off in the distance, but trouble in oil producing nations could cause a spike in oil prices that brings it close to these levels.
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Gasoline Sets Record
