Who is your ISP? I use Time Warner Cable - and their DNS servers are terrible. I moved to Google DNS/OpenDNS servers, and ping times/page loads improved dramatically.
Google "Google DNS" and/or "OpenDNS" - they have great instructions on how to install.
Edit: Tested this 'Google DNS' thing, seems to have lowered my ping, but that could be due to it being almost 5PM. I'll report tommorrow if it has been solved/ or another failure.
I have had major issues with Time Warner Cable. Their ping times stink, they throttle my speed for bandwidth use over a "cap", they use compression to achieve their "30MB download" rates....I could go on and on....I am overly excited that Austin, TX was chosen for Google Fiber....the question becomes - can I be the "first" to make the switch. It won't happen fast enough for me.
DNS servers are the "Phone Book" to internet servers. If your ISP has terrible DNS service, this could be causing the problem. The Google test tries each of the DNS servers and determines which is the fastest. If you have the fastest DNS server available, and your ping times are still slow, 99% of the time it is your ISP, and other than switching to a new provider, there isn't much that can be done.
I would call your ISP, and let them know about this. I have used many providers in the past, not since dial-up have I seen numbers that high in ping times....It could be a defective router, or connectivity issues.