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Gas Prices Rising Quickly

Posted on February 27, 2008 by LCT Staff - Also by this author - About the author

WASHINGTON, DC — Gasoline prices, which for months lagged behind the big run-up in the price of oil, are suddenly rising quickly, with some experts saying they could approach $4 a gallon by spring. Diesel is hitting new records daily, and oil settled at a record high of $100.88 a barrel on Tuesday.

As of Tuesday, regular gasoline was selling at a nationwide average of $3.14 a gallon, according to AAA, the automobile club, up from $2.35 a year ago. The price has jumped 19 cents a gallon in two weeks. Energy specialists predict that, as demand picks up further this spring and summer, retail prices will surpass the high of $3.23 a gallon set last Memorial Day weekend. That high fell short of the inflation-adjusted record of $3.40 in today's money that was set in 1981.

Source: New York Times

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