Mar 26, 2012 12:06 PM by Matt Stafford

Gas prices already closing in on last year's high

NEW YORK (AP) - The price of gasoline is less than a dime away from last year's high.

At an average of $3.90 per gallon, Americans have never paid more at this time of year and prices are expected to keep climbing with two months remaining before the traditional kickoff of the summer driving season.

Prices peaked last year in May at an average price of $3.98 per gallon. The all-time record is $4.11, set in July 2008 as the economy went into a tailspin.

Gasoline prices have risen this year along with the price of crude oil. Benchmark U.S. crude is up by 8 percent already. A barrel added another 7 cents to reach $106.93 Monday.

Natural gas prices are close to a 10-year low at $2.22 per 1,000 cubic feet.


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