Gas price hits record for second week

WASHINGTON (Reuters) - U.S. retail gasoline prices hit a record high for the second week in a row, the government said on Monday, as concern about low motor fuel supplies pushed up pump costs.

The average price for regular unleaded gasoline soared 11.5 cents over the last week to a fresh record of $3.22 a gallon, according to the federal Energy Information Administration's nationwide survey of 800 service stations.

The much larger Lundberg industry survey of 7,000 stations showed the national price of gasoline jumped 11.4 cents over the last two weeks to a record $3.18 a gallon.

The latest EIA pump price matches the all-time high fuel cost of $3.22 a gallon, when adjusted for inflation, reached in March 1981 after war erupted between Iran and Iraq.

Guy Caruso, who heads the EIA, said on Monday that consumers should not expect gasoline prices to begin falling until sometime in June.