Gasoline prices hit new high

U.S. average retail gasoline prices
have reached a new high of almost $3.20 per gallon and will
likely jump another 20 to 30 cents in the next month, worsening
the pain of consumers struggling to make ends meet in an
economic downturn.

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 on Sunday.

The national average for self-serve regular unleaded gas
was nearly $3.20 a gallon on March 7, up about 9.44 cents per
gallon in the past two weeks, according to the nationwide
Lundberg survey of about 7,000 gas stations. The price has
risen 64 cents per gallon in the past 12 months.