Gas Prices Hit February Record

A little news to warm your heart in February: Gas prices have never been this high at this time of year, reports AP. The national average hit $3.13 yesterday, 50 cents higher than last year. Prices also are higher than they were in mid-February 2008, when they began their steady climb to above $4 in July of that year. AP is nice enough to add this comment from an oil analyst: "It would be a mistake to think we're going to have that all over again."

The Los Angeles Times sees reason for optimism, at least in theory: the price of crude oil is falling and Hosni Mubarak's resignation should reduce worries about the Suez Canal, key in the transport of oil to Europe. Also, US gasoline supplies are at near record highs, at 241 million gallons. Whether all that translates to check on rising pump prices is anyone's guess.
(More gasoline prices stories.)