(Agencies)
Updated: 2008-03-11 22:19

NEW YORK -- The cost of filling up your gas tank has hit a new record. Average prices at the pump are at a new high of almost $3.23 a gallon.

Pumps draw petroleum from oil wells in California. [Agencies]

According to AAA and the Oil Price Information Service, the average national price of a gallon of gas rose half a cent overnight to $3.2272. That is slightly higher than the previous record of $3.2265 a gallon, set last May.

Gas prices are following crude oil futures into record territory. Oil prices are surging as the falling dollar attracts investors who see crude futures as a hedge against inflation and the weak dollar.

Light, sweet crude for April delivery briefly climbed to a new record price of $109.72 a barrel on the New York Mercantile Exchange Tuesday morning.