Gas Prices Hit Record for August

By Newsroom America Staff at 20 Aug 2012

(Newsroom America) -- Retail gasoline prices hit a new record for August as summer draws to a close, due in large part to higher oil prices and some refinery and pipeline problems.

According to AAA, drivers paid an average of $3.72 per gallon, the highest average price per gallon for Aug. 20 since the automobile club has been keeping track.

Price-tracking Web site GasBuddy.com said the average price was $3.70 a gallon, up $3.485 a month ago and $3.586 a year ago.

AAA said prices have climbed 12 percent since July, part of which is due to higher oil prices abroad, though prices have been retreating Monday on renewed fears of economic calamity in Europe.

Historically, prices tend to drop this time of year as the summer driving season comes to an end.

Still, a number of analysts believe the price will eventually begin to drop, and expect lower prices by Labor Day.

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