Nevada gas prices hit record highs

RENO - Gasoline prices in Nevada have reached unprecedented territory and could go higher before the end of the summer driving season, an industry group reported Tuesday.

In Nevada, the largest monthly increase was reported in Carson City and North Las Vegas, where prices jumped 17 cents a gallon to $2.72 and $2.63, respectively.

The statewide average for a gallon of self-serve unleaded soared 16 cents from a month ago to $2.67, up 65 cents from the same time last year, according to AAA-Nevada.

The new benchmark surpasses the previous record of $2.56 set in April.

"These prices are the highest Nevada residents have ever paid," said AAA spokesman Michael Geeser. "When gas prices increase this dramatically, it puts a significant strain on the consumer, especially people who are already struggling to pay their bills."

Crude oil prices on exchange markets are trading at all-time highs, and demand for fuel remains strong domestically and globally, experts said.

Continued unrest in oil producing regions and refinery disruptions have added to the uncertainty of just how high prices will go. About 10 U.S. refineries have reported unplanned unit shutdowns since mid July, AAA said.

Traditionally, prices tend to recede after Labor Day when many people return to work or school after summer vacations.

The highest price was in Reno, at $2.73.

The cheapest gas in Nevada was found in Elko, where gasoline was selling for $2.51 - a penny shy of the national average.