Tuesday, February 14, 2012

Gas Prices May Soon Hit $4 a Gallon. Thank You, Obama

Here we go again. Expect $4.00/gallon of gas to happen very soon. While Obama decided not to open the Keystone Pipeline from Canada to Texas, the president is saying to trade in our cars for an electric car. But in the meantime, Obama wants us to put air in our tires to save gas. (Shaking my head...)

(ABC NEWS) Gasoline prices could soon hit $4 a gallon, a threshold they haven't flirted with since last spring.

The average price paid by U.S. drivers for a gallon of regular now stands at $3.52, according to the U.S. Energy Information Administration, which released its latest figures this afternoon. That price represents an increase of 0.04 percent from a week ago and 0.38 percent from a year ago.

Experts expect prices to spike another 60 cents or more, with the $4 mark being touched—or exceeded—sometime this summer, probably by Memorial Day weekend, the peak of the summer driving season. The last time the U.S. saw $4 gasoline was back in the summer of 2008.

Historically, $4 a gallon has been the upper limit of what consumers have been willing to pay. Last April, national prices peaked at about $3.98 a gallon before receding. "It's going to be tough to sustain that level," thinks Brian Milne of energy tracker Televent DTN. "People will drive less."