Gas price record, one year later

Friday marks the one-year anniversary of $4.114 a gallon gas, the highest price ever recorded by AAA.

NEW YORK (CNNMoney.com) — It’s been one year since drivers across America were stuck paying the highest gas prices on record, and the memory is not a pleasant one for consumers.

Friday marked the anniversary of $4.114-a-gallon gas. It was the highest national average price ever recorded by motorist group AAA, which has conducted a daily survey of up to 100,000 filling stations since 2003.

The surge took a heavy toll on consumers. Not only did the cost of driving jump, but prices for other consumer staples, such as groceries, also shot up as transportation costs increased.

In response, consumers drastically cut back on driving and many switched to more fuel-efficient cars.

That led to huge financial losses for automakers. Earlier this year, General Motors and Chrysler, two companies that specialize in full-size automobiles, both declared bankruptcy.

Now, the national average stands at $2.481 a gallon, down nearly 40% from last year’s peak.

CNN