5.19.2008 8:05 AM
Behind the Record Cost of Gas
Price Spikes 17 Cents in 2 Weeks to $3.79
The average price of gas, based on a survey of 7,000 gas stations nationwide, jumped 17 cents to a record $3.79 a gallon, according to the latest Lundberg survey.
The Department of Energy should update its weekly survey today. Last week, the average price was $3.72, up 62% from a year ago, and 10% from a week earlier.
The soaring price of gas is due mostly to the soaring price of crude oil, which was trading at $127 per barrel in Asian markets Monday morning. In 2000, it made headlines when oil hit $30 per barrel. Since then, Asian markets have been increasingly hungry, and the supply has struggled to keep up, particularly as violence and other problems have disrupted the flow of supplies.
The latest Department of Energy projection predicted that the price of oil and gas would continue to rise into June, before declining somewhat.
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