Gas prices could top record highs by Memorial Day
BY GANNETT NEWS SERVICE April 15, 2011 12:58PM
Gas prices are shown on the sign of the Mobil at 75th and Naperville Plainfield road on Tuesday, April 12, 2011. | Brian Powers~Sun-Times Media
Updated: July 23, 2011 12:22AM
Gasoline prices, on the rise for more than three weeks, could top all-time highs by Memorial Day. Nationally, a gallon of regular averages $3.81 — up 10 cents in the last week and nearly 96 cents above year-ago levels. Industry experts say prices could surpass July 2008’s record $4.11 nationally as seasonal demand, speculators and political uncertainty in Libya and the Middle East propel oil prices. “We could easily tack on another 30 to 40 cents a gallon,” said Darin Newsom, senior analyst at energy tracker Telvent DTN. Regular gas already is averaging $4.17 a gallon in Chicago and $4.20 a gallon in Los Angeles. Typically, prices peak around July 4, the height of the summer driving season. But escalating prices already are crimping demand and could derail vacation travel, leading prices to plateau by Memorial Day, about six weeks earlier than normal, said Tom Kloza, chief oil analyst at the Oil Price Information Service
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