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Gas prices set record as summer draws to a close
Average has risen nearly 12 percent since July 1
Updated: Monday, 20 Aug 2012, 11:24 AM EDT
Published : Monday, 20 Aug 2012, 6:39 AM EDT
(AP) - The price of gasoline is setting a record as the summer draws to a close.
AAA says drivers paid an average of $3.72 per gallon Monday, which is the highest price on record for Aug. 20. The auto club says more daily highs are likely over the next few weeks.
The national average has risen nearly 12 percent since July 1 because of higher oil prices, and some problems with refineries and pipelines. But it has stabilized over the past few days and many analysts still expect the price of gas to fall after Labor Day.
Meanwhile, oil prices are falling as concerns resurface about Europe's economy. Benchmark oil fell 61 cents to $95.40 in New York. Brent crude dropped 44 cents to $113.27 in London.
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