Gas Prices Top $4

By: AP Email
By: AP Email

New York (AP) Prices at the pump are expected to keep climbing, after the average price of regular gas has crept up to $4 a gallon for the first time.

Gasoline passed the once-unthinkable milestone just in time for the peak summer travel season. The jump was fueled by last week's furious surge in oil prices, which neared $140 a barrel.

Gas prices increased to $4.005 a gallon overnight from $3.988 the day before, according to AAA and the Oil Price Information Service. The Lundberg Survey says prices have risen by about 20 cents in the past three weeks. Truckers and others with diesel engines under the hood have it even worse off.

While Americans who have to drive will feel the biggest squeeze, the increased prices also translate into higher costs for consumers and businesses. They will be forced to shoulder increased costs for food and anything else that needs to be transported.


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