Reach yet another high mark, with no relief in sight; average gallon of regular unleaded at $2.153.

March 30, 2005: 8:39 AM EST

NEW YORK (CNN/Money) - Gasoline prices continued to climb Wednesday, extending a trend that has seen record prices every day for almost two weeks.

The average price of a gallon of regular unleaded gas rose to $2.153, according to AAA, the largest U.S. motorist organization formerly known as the American Automobile Association.
On average, gas prices are highest in Hawaii at $2.443 for a gallon of regular unleaded; they are the lowest in New Jersey at $1.977. New Jersey was the only state in the union where motorists could top off the tank for less than $2 a gallon.
The previous high, reached before the latest run-up, was $2.054, notched May 26, 2004, according to AAA.
Although the price of crude oil has eased in recent days, long-term price supports for crude remain intact -- including strong demand from the United States, rising demand from China and lower non-OPEC production. According to analysts, 40 percent of each barrel of crude goes toward gasoline production.
The long-term outlook for gasoline prices also remains strong, which may mean higher prices at the pump for the near future.
"We're expecting a pretty tight gasoline market this summer," Dave Costello, an oil analyst with EIA, told Reuters earlier this week. "There doesn't seem to be a lot of reason to expect" a near-term drop, he said, adding that prices are likely to rise through May.
While Wednesday's price set a new record at the pump, when adjusted for inflation the highest price for gasoline would be the equivalent of more than $3 a gallon in the spring of 1981, Reuters said, citing the Department of Energy.

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