MADISON, Wis. -- Motorists can expect to feel more pain at the gas pump as prices soared on Wednesday as crude oil hit record highs of $123 a barrel.

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This price hike comes right as national and state petroleum councils meet for an Energy Education Day at the state Capitol.

Experts said that the high local price reflects the high price and increasing demand around the world.

Rayola Dougher, senior economic adviser for the American Petroleum Institute, said that everyone is bearing the burden of booming costs.

"Even the full impact of the increase of the crude has not hit the street. Refiners are losing money, consumers are paying more than we've ever spent on gasoline, and the price continues to go up because of that rising demand," Dougher said.

"With our taxes, we're paying as a refiner just $3.44 a gallon before we even refine the product. So that's what really playing in at retail, at the pumps here in Madison," said Erin Roth, executive director of the Wisconsin Petroleum Council.

In Madison on Wednesday, WISC-TV found the average price to be $3.69 per gallon.

The lowest price was at the BP gas station on Old University Avenue where gas was selling for $3.55 at about 3:30 p.m., but that had jumped to $3.67 a gallon by the evening.