The Car and Truck Fleet and Leasing Management Magazine

U.S. Gasoline Prices Hit a Record High

March 15, 2004

Prices for all grades of gasoline rose 1.34 cents in the last two weeks to a record high nationwide average of $1.77 a gallon, according to a study released March 14, 2004, according to the Associated Press.

Gas prices have jumped by nearly 26 cents so far this year, and while they won't be falling by that amount any time soon, they aren't expected to rise much higher, according to the Lundberg survey of 8,000 stations nationwide. The survey was conducted on March 12.

The previous combined average record high was $1.76 in May 2001.

Analyst Trilby Lundberg said the latest spike reflects the rise in crude oil prices and an increase in refinery work to prepare for greater spring and summer gasoline demand.

In California, prices remain higher than the rest of the country due to the state's strict environmental regulations and sales tax on gas pumps. Still, pump prices dropped nearly a penny in the last two weeks to $2.10 per gallon.

The national weighted average price of gasoline, including taxes, at self-serve pumps Friday was about $1.74 for regular, $1.84 for midgrade and $1.92 for premium.

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