Gasoline hits a new record high

NEW YORK (CNNMoney.com) -- The average price of regular gasoline jumped more than a penny to a new record high, a AAA survey showed Wednesday.

The average price of regular unleaded rose 1.2 cents to $3.343 a gallon from the $3.331 the day before, according to AAA's Web site.

Gas prices are up nearly 20% from what they were last year. A month ago, the nationwide average was $3.222 a gallon.

Gasoline prices normally rise during the spring as people travel more. However, the record pump prices have also been supported by high crude prices as shrinking profit margins cause refiners to pull back on production.

United Parcel Service, a major shipping company, reduced its first-quarter earnings predictions because of the high price of fuel.

The average price per gallon of diesel fuel rose more than a cent to $4.032, just a few tenths of a cent below the record high set in late March.

The rising price of diesel fuel has been a major concern for workers in the trucking industry. Diesel averaged $3.829 a gallon last month and $2.904 a year ago.

Costliest in California. California led the nation in pricey gas, at $3.746 a gallon. Hawaii and Alaska both maintained gas prices above $3.60 a gallon.

New Jersey remained the only state to see gas prices below $3.10 a gallon. Prices rose almost 2 cents to $3.074 a gallon.

The AAA survey, updated daily, tracks prices at roughly 80,000 service stations across the country. It is conducted for the group by Oil Price Information Service.