MADISON, Wis. -- Gas prices hit a new record high in Wisconsin this week and is closing in on $3.50 a gallon.

AAA Wisconsin said that the average price of a gallon of regular unleaded gasoline sold in the state has tied the record high of $3.43.

AAA spokeswoman Pam Moen said that the price reached Wednesday matches the mark set May 26 and is up more than 13 cents from a month ago and nearly 55 cents from a year ago.

She said that recent price increases are being driven by the high cost of crude oil, which has been trading a more than $114 a barrel this week.

The AAA fuel gauge report lists the Milwaukee-Waukesha area as having the highest average price in the state at a record of $3.52. Also at a new mark is the La Crosse area at $3.38.

The average price of a gallon of diesel is now $4.12. The director of the Oil Price Information Service was in Madison on Tuesday to speak to the Wisconsin Petroleum Marketers Association, WISC-TV reported.

Ben Brockwell, director of data pricing information services at OPIS, said Wall Street is to blame for the high prices.

"Blame the Hedge funds; blame Wall Street; blame the investors. Blame anybody that has a lot of money that they want to invest in some instrument that gives them a great return on their dollar, and for the past five years, nothing has shined like oil," Brockwell said.

Brockwell said that these are the highest prices on record whether they are adjusted for inflation or not. He said he expects gas prices to peak around Memorial Day.