Wednesday, May 16, 2007

GAS PRICES HIT ALL-TIME HIGH

Fuel prices aren’t looking any prettier folks. In the week ending May 14, gas hit an all-time high leaping 4.9 cents per gallon to $3.103 per gallon, according to the U.S. Energy Information Administration. The previous average high ($3.07) took place in September 2005.

Gas prices have jumped more than 91 cents per gallon since the first week in February, but there’s some relief in sight. Gas futures for June delivery briefly hit a 9-month high before dropping more than five cents per gallon to settle at $2.30 per gallon, says MarketWatch.