This morning brings with it a record nationwide average price for gasoline as well as individual record highs for some nineteen states. But for those who believe the glass is “half full”, you can take consolation in the fact that California gasoline has backed off its recent high.

   Some numbers for perspective: The average price for regular unleaded today stands at $3.073 gal, some 1.8cts gal above the Labor Day 2005 post-Katrina high. It is some 24cts gal above the average price one month ago and about 17cts gal above the same price last year.  Based on most recent demand estimates, Americans will spend some $1.206-billion on their gasoline today. We’ve crossed the $1.2-billion threshold only once before - - in late July and early August 2006 - - and the all time record daily outlay was $1.224-billion on August 1, 2006. That record appears to be in jeopardy.

   Everything we saw in the wholesale markets last week indicates that prices may creep a bit higher this week. But the “hot spots” are no longer found on the Pacific coast - - that area has actually seen wholesale values back off by 10-20cts gal. The most noticeable increases in May have been in the heartland - - whether we’re talking Rocky Mountain states, Great Plains’ states, or Great Lakes’ states.  The lingering problems with several large refineries that serve these areas are responsible for the $3.15-$3.30 gal numbers now dotting the nation’s interior.

   At this point last year, prices were easing, albeit at a snail-like pace. That may now happen on the West Coast, at least if we can get through a full week without a refinery breaking down in California or Washington..

   The next hot spot could be the U.S. northeast. Reformulated blendstock prices (RBOB for those of you who follow futures’ markets) shot up to over $100 bbl or just over $2.40 gal late last week, and the typical cavalry of imports from Europe has been coming up lame.

   Conclusion: Unless Paris Hilton skips bail, or Brittany Spears enters a convent this week, we can expect to see daily reports about “the gasoline price crisis” on most evening newscasts this week. We are still 93cts gal away from the $4.00 gal mark that reporters prone to hyperbole will use with reckless abandon, but I suspect we’ll see more dialogue about that distant number than the just passed $3.00 gal level.

   For the record, I believe the Spring gasoline rally is in its last throes, but I’ll reserve judgment on absolute timing until this week’s Energy Information Administration report is released on Wednesday.