The U.S. average price of regular gasoline this week is $3.19 per gallon, the federal Energy Information Administration said in its weekly report (delayed from the usual Monday by the Presidents Day holiday). That's the highest average February price since the government started keeping track in 1990, ABC News says. While we're having a tough time validating ABC's claim of a record, the rapid price rise has been remarkable: The price was up 54 cents from a year ago, the EIA reports, and up a nickel from last week's $3.14.
The price increases are being driven by instability in Africa and the Mideast and fear it could spread to the big oil-producing countries. The turmoil also accounted for the big drop in stock prices in the U.S. today.
The most expensive U.S. regions for average gas price this week are New England at $3.23 a gallon and California at $3.56.
