COLUMBUS, Ohio — Oil prices jumped above $44 per barrel on the last day of 2008, wrapping up what has been the most turbulent year ever for crude markets in which crude gave up four years of gains in just five months.

It may be a temporary spike.

An unprecedented collapse in energy prices that began in July came as the world's leading economies sank into recession.

Gasoline prices have been more than halved from summer peaks above $4, giving consumers some relief as millions of people lose jobs and companies freeze hiring. Not even gas prices of $1.35 per gallon in some parts of the country have been enough to spur demand as Americans ride out what could become the worst economic downturn since World War II.

Light, sweet crude for February delivery today jumped nearly 13 percent, or $5, to $44.03 a barrel on the New York Mercantile Exchange with trading volumes low. The contract overnight fell 99 cents to $39.03.

Prices rose in thin trading after the government reported that U.S. refineries ran at 82.5 percent of total capacity on average for the week ended Friday, a drop of 2.2 percent from the prior week and below analysts' expectations that it would remain flat.

Some refiners shut operations at the end of the year for repairs, meaning that demand could outstrip supply in a few weeks, said Peter Beutel of Cameron Hanover.

Gasoline futures, a refined crude product, jumped more than 15 percent today.

By The Associated Press