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Oil prices hit all-time high

NEW YORK (AP) – Gasoline prices were poised Monday to set a new record at the pump, having surged to within half a cent of their record high of $3.227 a gallon. Oil prices, meanwhile, surged above $108 to a new inflation-adjusted record and their fifth new high in the last six sessions on an upbeat report on wholesale inventories.

The national average price of a gallon of gas rose 0.7 cent overnight to $3.222 a gallon, 69 cents higher than one year ago, according to AAA and the Oil Price Information Service. Last May, prices peaked at $3.227 as surging demand and a string of refinery outages raised concerns about supplies.

That record will likely be left in the dust soon as gas prices accelerate toward levels that could approach $4 a gallon, though most analysts believe prices will peak below that psychologically significant mark. In its last forecast, released last month, the Energy Department said prices will likely peak around $3.40 a gallon this spring; a new forecast is due Tuesday.

Retail gas prices are following crude oil, which has jumped 25 percent in a month. On Monday, crude prices surged to yet another record after the Commerce Department said wholesale sales jumped by 2.7 percent in January, their biggest increase in four years, according to Dow Jones Newswires.

Average gas prices per gallon

Carson City USA

Monday $3.276 $3.222

One week ago $3.306 $3.172

One month ago $3.079 $2.959

One year ago $2.913 $2.562

– Source: Gasbuddy.com

From the Appeal’s Past Pages on March 8:

10 years ago (March 8, 1998)

Gas prices soar to $1.29 in Yerington, and 99 cents in Carson City.