Sacramento, CA — The American Automotive Association of Northern California says gasoline prices have reached an all time high.
The statewide average is now up to $2.77 for a gallon of self-serve regular unleaded.
That figure is up 18 cents from last month and 82 cents from the beginning of the year.
Analysts say the high prices are likely to put a strain on consumers as they tend to have a “rippling”effect on prices of other goods and services.
Officials say the spike in gas prices is due to the soaring cost of crude oil prices which are at record levels.
Experts say that although crude supplies are sufficient to meet current demand, traders appear concerned that supplies could be interrupted by potential problems in oil producing regions of the country.
AAA says the national average is also at a record high, which is currently at $2.52 a gallon.
This post was last modified on 01/31/2009 2:30 pm