National gasoline price average tops $3 per gallon - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

National gasoline price average tops $3 per gallon

 

 

by Michelle Franzen
NBC News

Gasoline has soared to record prices not normally seen this time of year.

According to the American Automobile Association the national average for a gallon of regular is $3.02.                      

That is nearly 25 cents higher than two weeks ago.

It is also the earliest time in November Americans have felt this kind of pain at the pump.  

With the holiday travel season right around the corner, AAA says you can expect those prices to keep climbing.

"Today's average of three dollars and two cents is a full quarter more than this time last month, and an amazing 82 cents more than this time last year," said AAA's Troy Green.

Traders, speculating and hedging their investment risks, along with Middle East tensions and tightening oil reserves are driving crude prices sky high. 

Since august the price of crude increased nearly 40 percent to a record high of $95 per barrel.

The question now is when, not if, barrel prices hit $100.

"There's really so many factors that play a role in the price of a barrel of oil, but right now it's looking very bullish on the oil markets," Green said.

America is also importing more refined gasoline from Europe at a time when the dollar is weak. 

Those soaring costs are being passed on to your wallet.

AAA says if barrel prices continue to spike, some states like California could see gas prices reach four dollars a gallon by next summer.

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