Gas Prices Set All-Time Record For February (VIDEO)

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Source: Alan Farnham / ABC News

The latest gasoline price survey, released today by the U.S. Energy Information Administration, finds that the average paid by U.S. drivers for a gallon of regular nationwide is $3.72.

Just over the past week, prices rose 13 cents, and the average price per gallon is 19 cents more than it was two weeks ago, according to the Department of Energy. This is the highest price recorded in February, though gas prices were about this high in April last year. The DOE publishes average gasoline statistics dating back to 1990.

The reasons for the recent increases, says Andrew Lipow, president of Lipow Oil Associates in Houston, include, first, the price of crude, which is rising due to worsening tensions with Iran. Iran also has reduced crude sales to Europe.

There also have been supply disruptions in Nigeria and the Sudan. And refining capacity in both Europe and the U.S. has been reduced by the closures of refineries.

Exceptionally high gas prices in San Diego, for example, have been the result of refinery outages on the West Coast, Lipow said, including one caused by a fire at BP’s Cherry Point facility in the Pacific Northwest.

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