Drivers paying record pump prices

Chelsea Emery
Reuters
April 20, 2008

NEW YORK (Reuters) – U.S. drivers are paying record prices to fill their gas tanks and they could see prices surge as much as 30 cents more per gallon over the next few weeks, according to an industry analyst.

U.S. average retail gasoline prices hit a record $3.4737 per gallon on April 18, up 15.66 cents from the April 4 average, according to the nationwide Lundberg survey of about 7,000 gas stations.

Higher driving costs come at a tough time for U.S. consumers, who are already struggling with higher food prices, a slowing economy, job losses and sinking home prices. In addition, surges in gasoline demand during the peak driving months of June, July and August and higher costs could force motorists to cut back on their vacation travel plans, or reduce spending in other areas.

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