Gas and oil prices hit another new record high

NEW YORK (AP) -- Your wallet isn't getting a break at the gas pumps.

The price of gasoline has hit another record. According to a survey by AAA and the Oil Price Information Service, the national average price of a gallon of regular has risen a little more than a penny since Tuesday.

It is now a record $3.34 a gallon.

Prices that are 55 cents higher than a year ago are hurting demand for gasoline. The government says demand fell last week by nearly 2 percent from year-earlier levels.

The Energy Information Administration also says crude oil supplies fell by a surprising 3.2 million barrels last week. Analysts had expected an increase.

That sent light, sweet crude for May up more than 3 dollars, to a record 111.55 on the New York Mercantile Exchange.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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