NEW YORK – Retail gas prices rose to a record high overnight, a daily survey by motorist group AAA showed Monday.
The nationwide average price of a gallon of regular gasoline Monday was $4.09, according to AAA and Oil Price Information Service.
That compares with $4.08 a gallon Sunday and $2.96 a gallon one year ago.
Gas prices have risen 2.9 percent in the last month and are almost 38 percent higher than where they were a year ago.
The survey showed that 33 states and the District of Colombia have an average gas price above $4 a gallon.
Meanwhile, oil prices surged past $143 a barrel for the first time ever Monday — as supply concerns and a fragile global economy continue to drive the price of oil to new highs, as well as continued tensions in the Middle East.
"The main factors behind the rise today are the U.S. dollar remains fragile and geopolitical tensions, particularly surrounding Iran," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. "That's unsettling for the oil market."
The European Central Bank may raise interest rates at its next meeting on Thursday, a move that would help strengthen the euro against the dollar, Moore said.
Light, sweet crude for August delivery rose $3.46 to $143.67 a barrel in electronic trading on the New York Mercantile Exchange, by midday in Europe. Those prices fell to $142.17, but a barrel was still up $1.96 in early trading.
On Friday, crude futures spiked to a record $142.99 a barrel in New York before closing at $140.21.