The average price of gasoline set a record Monday, joining the prices of oil and diesel fuel in high-price territory that threatens an already shaky U.S. economy. Americans were paying a nationwide average of $3.225 for regular, the U.S. Energy Information Administration said in its weekly price survey — 0.7 cents more than the previous record last May 21, though still short of inflation-adjusted federal peak of $3.405 in March 1981. Oil blew by its record of $105.47 a barrel to close Monday at $107.90.Gasoline prices are rising sharply as refiners, who have kept prices down in order to compete for sales, become more willing to pass on their higher costs of crude oil, according to an industry analyst Sunday. The Lundberg Survey of 7,000 stations nationwide released Sunday said things will likely get worse, with prices at the pump rising 20 to 30 cents a gallon in the next month as refiners begin passing on to customers more of their higher costs for crude oil.
- JJ Commentary: Oil will prove to be the lynch pin that undermines the U.S. economy given the falling dollar and our humongous debt.
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