NEW YORK The upward trend in energy prices showed no sign of abating Wednesday as gasoline set yet another record at the pump and crude oil topped $112 a barrel for the first time in the futures market.
The national average price of a gallon of regular unleaded gas rose 1.2 cents to a record $3.343 a gallon, according to a survey of gas stations by AAA and the Oil Price Information Service.
The prices 55 cents higher than a year ago are hurting demand for gasoline, which fell last week by nearly 2 percent from year-earlier levels, the department's Energy Information Administration said in its weekly inventory report.
The EIA report, closely watched by the futures market, also said crude oil supplies fell by 3.2 million barrels last week. That sent light, sweet crude for May delivery up $3.05 to $111.55 on the New York Mercantile Exchange, after earlier rising as high as $112.21. That bests a trading record of $111.80 set last month.