Hold on, baby… This ride ain’t over with yet! (Unless, of course, we run out of gas)

Oil sets new record above $119 a barrel

NEW YORK - Gas and oil prices pushed further into record high territory Tuesday, with retail gas reaching a national average of $3.51 for the first time and crude nearing $120 as the dollar fell to a new low against the euro.

At the pump, the national average price of a gallon of regular gas rose 0.8 cent Tuesday to $3.511, according to a survey of stations by AAA and the Oil Price Information Service. Prices for diesel - used to transport most food, industrial and commercial goods - also rose overnight to a new record of $4.204 a gallon.

Gas prices are nearly 66 cents higher than last year, when they peaked at a then-record of $3.23 in late May, and have prompted many analysts to raise their estimates of where gas is going to go.