Gas prices hit an all-time high in Madison Thursday, rising from $3.39 per gallon of regular unleaded gasoline late Wednesday to a record-breaking $3.47 per gallon.

Across the state, the record-breaking price of $3.43 per gallon set last May 26 was matched. Erin Roth, executive director of the Wisconsin Petroleum Council, said record-high crude oil prices are responsible for the sudden increase.

Roth said part of the problem is the increasing competition among developing countries for oil.

“The U.S. now has to compete with emerging countries like China and India where people used to ride bikes and mopeds but are now driving Toyota Camrys,” Roth said.

He said despite the recent price increases, there is some light at the end of the tunnel. The U.S. Department of Energy predicts a decrease in gas prices after Memorial Day weekend, according to Roth.

Until then, nearby campus area gas station BP Amoco at 318 S. Park St. will try to keep customers at the pump. Part-owner of the gas station Karan Singh said BP puts their prices up at the end of the day in an effort to attract customers.

The higher gas prices, however, will not affect prices of other means of transportation. Mick Rusch, spokesperson for Madison Metro Transit, said there are no plans for a fare increase. Rusch said the consistent rise in gas prices led to record levels of Metro riders.

Both Rusch and Roth recommend carpooling and taking advantage of other means of transportation to conserve both gasoline and money. Roth also advised looking for a fuel-efficient vehicle when car shopping.

Despite alternatives to shelling out more money at the pump, Roth said Madison will be on “a rollercoaster ride until we can find a more domestic supply of oil or an alternative source of energy.”