NEW YORK -- Gasoline prices hit a new record at the pump on May 14, but gas futures prices fell on concerns that $3 gas will crimp demand, according to the Associated Press. Oil prices, meanwhile, rose on reports of refinery problems in the U.S. and abroad.

The average national price of a gallon of gas hit $3.073 on May 14, up almost a penny from May 13’s also record-setting price, according to AAA and the Oil Price Information Service. Gasoline is now well above the previous record of $3.057, set on Sept. 5, 2005, soon after Hurricane Katrina.

The summer driving season begins in two weeks, on Memorial Day weekend. The government reported that gasoline inventories rose slightly last week, but remain low by historical standards.

Originally posted on Fleet Financials