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Average gas price reaches record
Associated Press
Published August 16, 2005
NEW YORK - The retail price of gasoline soared more than 18 cents last week to an average $2.55 a gallon nationwide, a record, the Energy Department said Monday.
The previous record was $2.37 per gallon, established the previous week. Adjusting for inflation, retail gasoline prices peaked above $3 a gallon in 1981.
The latest government survey said the average price nationwide of regular-grade gasoline rose by 18.2 cents to $2.55 per gallon, or 67.5 cents a gallon higher than the same time a year ago.
The average price for regular unleaded in the Tampa Bay area was $2.41, according to fuelgaugereport.com's most recent data.
Record crude oil prices have continued to plague motorists at the pumps. Persistent increases in global demand were exacerbated last week by refinery problems in the United States.
On Monday, light sweet crude for September delivery settled 59 cents lower at $66.27 on the New York Mercantile Exchange, off from Friday's record intraday high of $67.10.
[Last modified August 16, 2005, 01:28:10]
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