Gasoline hits $3.72 per gallon

Recent surge in oil prices boosts US retail gasoline to $3.72 per gallon

Associated Press

NEW YORK (AP) -- The price of gasoline is continuing its steady climb. Drivers are paying the highest price ever for the end of February.

The national average now sits at $3.72 per gallon, up 30 cents from a month ago and 35 cents from the same time last year. Prices are highest in Hawaii, Alaska, California, New York and Connecticut.

Gasoline is following a similar rise in oil, which is used to make gasoline. Analysts say the national average could peak in late April as high as $4.25 per gallon as refineries shift to a more expensive blend of gasoline used in the summer.

Oil prices have jumped 10 percent this year. They fell slightly on Tuesday, however, giving up 10 cents to $108.46 per barrel in New York.

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