The price of a tank of gas hit a new record, to $3.30 a gallon, sending the gas-futures exchange traded fund (ETF) a bit higher in trading today.

The national average went up while we were sleeping, to $3.303 a gallon, according to AAA and the Oil Price Information Service. The price is 60 cents higher than one year ago, says John Wilen for the Associated Press. What’s more, the price is expected to go even higher: the Energy Department predicts prices will peak close to $3.50 a gallon later this spring, and some analysts are saying it could go as high as $4.

Gas supplies are falling partially because producers are cutting back on output as the price of crude oil rises. The more expensive crude is, the more refiners have to pay and the lower their profits are. Another factor is the switchover from winter-grade gas to the required summer-grade stuff.

While the high price of gas doesn’t benefit you if you’re regularly driving, the United States Gasoline (UGA) fund could. Launched on Feb. 26, it holds gasoline futures. Since inception, it’s up 1.3%.

Tags: Energy