NEW YORK --- Retail gas prices rose further above a national average of $4 Monday, and are likely to keep rising as distributors and retailers hike prices in response to last week's unprecedented oil price rally.

Oil futures, meanwhile, retreated after Treasury Secretary Henry Paulson said he wouldn't rule out intervention to stabilize the dollar -- boosting it against the euro -- and after Saudi Arabia said it would call for a meeting to discuss crude prices that it called unjustifiably high.

At the pump, the national average price of a gallon of regular gas rose 1.8 cents overnight to a record $4.023, according to AAA and the Oil Price Information Service. Prices first moved above $4 nationally on Sunday, though they've been higher than that in parts of the country for weeks.

If oil prices remain near $139 a barrel, last week's record high, gas prices will likely rise another dime in coming days, said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J.

Consumers are cutting back on their consumption of gas in response to the high prices, but gasoline producers have little choice but to keep raising prices when the cost of their chief raw material -- crude oil -- rises.

On Monday, light, sweet crude for July delivery fell $4.19 to $134.35 a barrel in trading on the New York Mercantile Exchange.

In an interview on CNBC on Monday, Mr. Paulson said he would not rule out the possibility of intervening to stabilize the dollar, though he declined to speculate about what the government might do. The dollar strengthened against the euro on Mr. Paulson's comments, sending oil lower.

Meanwhile, Saudi Arabia said Monday it will call for a meeting of oil producing countries and consumers to discuss soaring oil prices. Information and Culture Minister Iyad Madani said the kingdom will work with OPEC to "guarantee the availability of oil supplies now and in the future." He also said the current price of oil is unjustified.