Up 11 cents in two weeks, gas sets record again

updated 5:46 p.m. ET May 20, 2007

CAMARILLO, Calif. - The average price of self-serve regular gasoline hit a record high of $3.18, rising more than 11 cents over the past two weeks, according to a nationwide survey released Sunday.

The latest figure topped the record of $3.07 set two weeks ago, which had been the highest price since the average cost of a gallon of gas hit $3.03 on Aug. 11, 2006, according to the Lundberg Survey of 7,000 gas stations across the country.

The latest price also beat the previous inflation-adjusted record of $3.15 per gallon in March 1981.

In the latest survey, a gallon of mid-grade gasoline averaged $3.29, and premium cost $3.40.

Nationwide, the lowest average price for regular fuel was $2.87 in Charleston, S.C., and the highest was in Chicago at $3.59 a gallon.

In California, regular grade gasoline dropped 2 cents to $3.41.

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