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Gas: Highest Retail Prices Ever for February

Photo Courtesy - Getty Images(WASHINGTON) -- The Energy Department reported Monday afternoon that the national average price of a gallon of unleaded has reached $3.132 -- the highest price ever posted during the month of February (data in this series going back to 1990).
Back in the record-setting year of 2008, we saw a February price just two-tenths of a cent lower than this. If past is prologue, then this bump isn’t good news. During the summer driving season that year, we were paying the highest prices ever for fueling our cars by the July 4 holiday -- $4.11 a gallon.
While crude oil prices jumped last week in a knee-jerk reaction to the uprising in Egypt, they have come off their recent highs during the past few sessions. Oil prices fell $1.55 to settle at $87.48 a barrel in New York trading Monday.
Gasoline prices tend to go up quickly when oil prices are rising, and will fall at a much slower pace when oil prices drop. An unfortunate elasticity that works against your pocketbook at the pump.

Copyright 2011 ABC News Radio

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