Gas prices hit a new record high of $4.37 per gallon

Gasoline prices hit a new record on Tuesday just as Americans are entering peak summer driving season. The national average price for a gallon of gas hit $4.37, according to AAA, eclipsing a previous record set in early March.

The largest increases are coming in Michigan, New Jersey, Connecticut, Kentucky and Indiana, according to AAA. In dollar terms, the priciest states for gas are in the West: California, Hawaii, Alaska, Nevada and Oregon have the most expensive gasoline, with California's gas averaging $5.82 per gallon.

Gasoline prices are going up even though the price of crude oil — its biggest input — has fallen this week, to $105 per gallon.