The price of gasoline is expected to add another 20 to 50 cents a gallon by this spring, raising totals in some locations to well over $5.00 a gallon according to USA Today.
The average price of gasoline currently is between 3.74 and 3.77 in the U.S., and prices typically rise as winter turns into spring, but some experts believe this year's increase will be the worst ever recorded.
Click here to see the states with the highest gas prices.
In California, some people are already paying $5.20 a gallon, which is a 75 cent increase from December according to the report. Prices are expected to peak at around $3.95 by early April, which would easily eclipse July 2008's record high of $4.11 in some locations.
"The gas petro-noia season moved up this year,'' says analyst Tom Kloza of the Oil Price Information Service."A lot of speculators bet on higher prices beginning earlier in the year."
Although the economy has improved slightly the past few months that, combined with a high unemployment rate, has barely affected the consumer demand for gasoline. If either of those gets better within the next year, prices will only increase according to USA Today. Most experts warn people not to expect a significant decrease anytime soon.
"Lots of people are panicking, but there is room to go higher,'' says Atlas Commodities oil broker Carl Larry, who predicts prices to average between $4.10 to $4.25 a gallon.
Click here to find out the average price of gas near your town and where to find the cheapest gas.
California is expected to see the highest increase, as well as the Midwest and Northeast according to Kloza. The area with the lowest average price is Wyoming.
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