March 10 (Bloomberg) -- Crude oil rose above $108 a barrel in New York to a record as investors purchased futures because the returns have outpaced those of financial markets. Oil in New York surged 80 percent over the past year as the S&P 500 and Dow averages dropped. China, the second-biggest oil- consuming country, increased crude-oil imports by 18 percent last month and halted overseas shipments to meet rising demand.
The real price of gasoline is approaching the highs last seen in 1980, according to a Deutsche Bank report on March 7.
Last year, gasoline climbed about 40 cents a gallon from late winter into the driving season, which begins with the Memorial Day holiday in late May. If that happens from last week's level near $3.15 a gallon, prices will surpass the $3.41 a gallon peak set in March 1980, the report showed.
Gasoline for April delivery rose 1.77 cents, or 0.7 percent, to $2.712 a gallon in New York. Futures touched $2.7325 on March 3, an intraday record for gasoline to be blended with ethanol, known as RBOB, which began trading in October 2005.
Pump prices are following futures higher. Regular gasoline, averaged nationwide, rose 0.7 cent to $3.222 a gallon yesterday, AAA, the nation's largest motorist organization, said today on its Web site.
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