Gasoline prices were up 14 cents to $3.69 for a gallon of regular Wednesday at many stations in the Madison area, according to MadisonGasPrices.com, a Web site where motorists report local prices.

Crude oil traded at a record high of $123.93 a barrel and average gasoline prices also broke records in Madison ($3.61) and several other Wisconsin cities, according to the AAA Daily Fuel Gauge Report.

MadisonGasPrices.com reported the average Madison price at $3.67 late Wednesday.

AAA has predicted that gasoline prices will continue rising to a national average of about $3.75 a gallon by Memorial Day, which is viewed as the beginning of the summer driving season.

Price increases are continuing even though supplies are adequate and demand is down, said Pam Moen of AAA Wisconsin.

"Typically demand rises in summer months," she said. "But with prices this high, we likely won't see the kind of demand growth that we have seen in other years because people are going to be looking at every discretionary mile they drive."

She said a AAA survey late last year found that 19 percent of those surveyed had changed their vacation plans due to high gas prices and 11 percent had canceled their vacations.

"People will likely choose in-state or close-to-home destinations so they're not traveling as far," Moen said. "Certainly no one welcomes these gas prices, but they may end up not hurting the tourism industry as more people from around the state choose destinations in Wisconsin."

Car dealers

Local car dealers say recent gas price rises haven't brought crowds of people clamoring to trade in their gas guzzlers, but they say that buying fuel efficient vehicles is a long-term trend.

"You don't see any fresh outpouring of people getting out of higher mileage vehicles," said Tom Thorstad, general manager of Thorstad Chevrolet, 1702 S. Park St. "It's sort of a general trend that's been going on for a while. Most people who've gotten into really big vehicles have reasons for them, like towing a boat or they have five kids."

Sales of large pickup trucks are slower than hybrid cars at Jon Lancaster Toyota, 5309 High Crossing Boulevard, but they're still selling, said sales manager Peter Bothe.

"You've really seen a trend of people transferring over from their big SUVs to hybrids," he said. "It's grown over the last year."

Oil futures traded after hours Wednesday at a record of $123.93 after closing at $123.53.

The average national price of a gallon of regular gas rose Wednesday for the first time since last week, adding 0.8 cent to $3.618, according to a survey of stations by AAA and the Oil Price Information Service.

Some analysts predict prices could rise to a national average of $4 in coming weeks. Prices are already that high in some areas, including parts of Hawaii and California.

The Associated Press contributed to this report.