Those of you who drive luxury cars and sports cars might be very familiar with high octane gas because your car needs it.

Contrary to popular opinion, the Federal Trade Commission says, in most cases, "premium" or "super" gas will not do anything for a car that can accept regular 87 octane gas.

That means you won't see better performance, faster speeds, better mileage, or fewer emissions by using the higher octane stuff.

The only time you might need to switch to a higher octane level is if you hear knocking or pinging in your engine when you use the recommended fuel. That doesn't happen very often.

Premium fuel often costs 20 cents more per gallon than regular. By using high octane gas, you could end up spending a hundred extra dollars or more per year, and getting nothing in return.

Some stations in Eau Claire are now charging $3.79 per gallon for regular unleaded.

Nationwide, the average price for gas shot up more than 10 cents during the last week.

The new record is now $3.72.

That's up 62 cents from this same time a year ago, according to the Federal Energy Information Administration.

Soaring crude oil prices that hit a record $126.40 a gallon in New York Monday are to blame.