NEW YORK - Energy traders rewrote the record books Tuesday, pushing oil futures past $114 a barrel. Gasoline and diesel prices struck new highs of their own at the pump.

Light, sweet crude for May delivery jumped as high as $114.08 a barrel shortly after regular trading ended on the New York Mercantile Exchange. That is nearly $2 above an intraday high set last week.

Largely responsible for the surge were concerns about insufficient global supply, stoked by a International Energy Agency report that said Russian oil production dropped this year for the first time in a decade. Oil prices rose as high as $113.99 a barrel during the regular session before settling at $113.79, up $2.03 from Monday's record close of $111.76.

"In an emotionally driven market like we've got now, it just doesn't take much in the way of a headline to prompt a psychological response," said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill.

Prices at the pump charged ahead. Retail gasoline prices rose to a new average national record of $3.39, according to AAA and the Oil Price Information Service. In the Triangle the average price was $3.35, up 9 cents in a month. Prices were highest in California, where midrange and higher grades are averaging more than $4 a gallon.

Diesel prices at the pump jumped to $4.12 a gallon, also a record, setting the stage for even higher prices for food and other goods transported by truck, ship and rail.

Prices are widely expected to keep rising as summer approaches. Gasoline futures jumped by nearly 6 cents to finish at a settlement record of $2.88. That is less than a nickel below the intraday high for the benchmark contract that was set as Hurricane Katrina made landfall in 2005.

"Unfortunately, we do expect the price of gasoline, and probably diesel as well, are going to escalate as long as the price of oil keeps moving higher," said AAA motor club's fuel price analyst, Geoff Sundstrom.

Oil's recent run above $100 a barrel has been largely attributed to a steadily depreciating dollar, because the weakness prompts investors to seek a safe haven in hard commodities such as oil and gold. The greenback strengthened marginally against the euro Tuesday, but remains near lows against the 15-nation currency.

The oil report from the IEA -- the Paris energy watchdog for industrialized countries -- said Russia, the world's biggest oil exporter after Saudi Arabia, averaged 10 million barrels per day from January through March, down 1 percent from 2007. That is the first time production has failed to exceed previous-year figures since 1998.

At Russian investment bank Aton Capital, analyst Artyom Konchin attributed Russia's oil supply lull to high taxes and insufficient reinvestment in infrastructure.