Gas prices at the pump have yet to reach the all time monthly high of $4.06 per regular gas that Americans paid in July 2008. But whereas the 2008 spike that was short lived, the rise in gas prices recently is persistent. As a result, the average price paid for all of 2012 hit a new annual record.
The average price at the pump this year is $3.687 per regular gallon gas. This surpasses the annual record set in 2011 of $3.521 a regular gallon; which in itself broke the previous record set in 2008 of $3.246. The year 2008 was the first time in history that the annual average for a regular gas surpassed the $3.00 mark.
The 2012 average is based on the monthly stats compiled by the Energy Information Administration. The average price in January was $3.380. Prices rose to an average $3.579 in February, and then jumped to an average of $3.852 in March, and increased to an average $3.940 for the first two weeks of April, bringing the average price for all of 2012 to $3.687 per gallon.