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US retail gasoline prices surge to new record high

The average retail price of regular gasoline in the United States soared to a new record high of 3.069 dollars a gallon this week, up by 45.9 cents comparing with the prices in last week, the US Department of Energy reported on Tuesday.

The department also said that the US gasoline prices are now up 66 percent from a year ago.

US gasoline prices have been extremely volatile in the wake of the destruction caused by Hurricane Katrina about one week ago and the hurricane resulted in serious damages in the oil producing and refining facilities in Gulf of Mexico areas.

But according to the American Automobile Association, which tracks prices on a daily basis, gasoline prices showed a marginal drop to 3.041 dollars a gallon Tuesday compared with 3.057 dollars a day earlier.


Source: xinhua