Monday, June 9, 2008

Gas price record reaches $4 a gallon

AAA's daily survey tops the milestone for the first time after a 1.7-cent rise. Lundberg survey nears $4 as well.

Gasoline rose to a milestone mark Sunday as the national average compiled by motorist group AAA reached $4 a gallon for the first time.

In a second survey, the average price came within 0.2 cent of $4 a gallon in the Lundberg Survey, which showed a 20-cent rise in the past three weeks to a new record.

The national average for regular unleaded rose 1.7 cents to $4.005, according the daily measure on the AAA's Web site. That surpassed the previous record of $3.989 set Thursday.

The milestone was expected after a surge in crude oil prices added more than $16 to a barrel of oil over the last 2 trading days. Crude settled at a record $138.54 a barrel Friday, up by $10.75, after setting an all-time intraday high of $139.12.

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