CNBC - Video: Gas prices hit all - time record high for early FebruarySubmitted by emalvini on Mon, 02/04/2013 - 20:16
CNBC - Video: Gas prices hit all - time record high for early February
By: Sharon Epperson
CNBC Senior Commodities Correspondent & Personal Finance Correspondent
Published: Monday, 4 Feb 2013 | 10:59 AM ET
Consumers have been spending more on gasoline than they have in nearly three decades.
With pump prices at their highest level on record for this time of year, the stage is set for an even greater climb in gasoline prices and expenditures than in 2012. Retail gasoline prices have surged 17 cents in a week to top $3.50 a gallon on average, posting the highest prices on record for the beginning of February. (Read More: Gasoline at Highest Price Ever for This Time of Year.)
Although overall gasoline consumption has decreased in recent years, a rise in average gasoline prices has led to higher overall household gasoline expenditures, according to the EIA