Gas price record reaches $4 a gallon

AAA’s daily survey tops the milestone for the first time after a 1.7-cent rise Sunday.

NEW YORK (CNNMoney.com) — Gasoline rose to a milestone mark Sunday as the national average compiled by motorist group AAA reached $4 a gallon for the first time.

The national average for regular unleaded rose 1.7 cents to $4.005, according the daily measure on the group’s Web site. That surpassed the previous record of $3.989 set Thursday.


The milestone was expected after a surge in crude oil prices added more than $16 to a barrel of oil over the last 2 trading days. Crude settled at a record $138.54 a barrel Friday, up by $10.75, after setting an all-time intraday high of $139.12.

The $10.75 gain was the biggest one-day advance in dollar value ever, nearly doubling the previous mark of $5.49 set Thursday. Weakness in the dollar, geopolitical concerns and an analyst’s prediction of $150-a-barrel oil by July 4 helped spur Friday’s advance.

In a statement Friday, AAA urged gasoline station owners not to overreact to the single-day oil spike.

CNN