Gas, Diesel Prices Hit New Records
U.S. retail gas prices extended their record run Thursday, adding to the pain consumers feel every time they fill up. Experts predict prices will rise even higher as peak summer driving season approaches.
Meanwhile, crude oil futures fell as the dollar strengthened, giving investors an opportunity to collect profits from the previous session's record rise above $112. At the pump, the national average price of a gallon of gas climbed 1.4 cents overnight to a record $3.357 a gallon, according to AAA and the Oil Price Information Service. Prices have set a string of records in recent weeks and are 56 cents higher than a year ago.
Retail diesel, the fuel of trucks, trains and ships, rose overnight to a new national record of $4.045 a gallon.
The Energy Department expects gasoline prices to average as much as $3.60 a gallon this summer, but believes the national average price could spike as high as $4 a gallon at times.