NEWS from AAA Oklahoma, March 12 – The national average price for self-serve regular gasoline is at record highs, reaching $3.246 per gallon today, according to AAA.

The previous record of $3.227 was set yesterday, March 11, and May 24, 2007.

The Oklahoma average is currently $3.115 per gallon, nearly 18 cents below the state’s all-time high of $3.292, set on May 22, 2007.

“Unlike other periods of dramatic fuel price increases, this latest price spike does not appear to be driven by supply and demand fundamentals,” said Chuck Mai, spokesman for AAA Oklahoma. “Rather, it’s being propelled by unprecedented levels of investment in crude oil and gasoline futures as a hedge against the falling U.S. dollar.

“There may still be some potential for even higher pump prices since we are entering that crucial time of year when the refining industry makes its seasonal switch to the production of cleaner-burning summer fuels,” Mai said.

Fortunately for motorists, two major refineries that experienced problems last year – one in Texas City, Tex., and the other in Whiting, Ind. – are back at full production.

Once the seasonal switchover process is complete, pressure on retail prices should ease, causing prices to start falling in late May or early June.

To check average pump prices city-by-city and state-by-state, updated daily, visit www.aaafuelgaugereport.com. For station-by-station prices, go to www.AAA.com, Automotive. This site also allows online users to access AAA’s Fuel Cost Calculator, under Automotive, Car Care, which figures total trip fuel expenses based upon the specific trip being planned, today’s fuel prices and make, model and year of vehicle.