Gas Prices Could Hit $4 a Gallon by May

If you think we're out of the woods when it comes to high gas prices, think again. Prices at the pump, which have risen 19 cents over the past four weeks, are said to jump by another 60 cents by May, according to USA Today. That would mean an average price of about $4.05 a gallon, up from the current average of $3.48. The spike is largely due to seasonal changes in gasoline use. People use more gas in the summer, causing demand to rise and prices to move up with it. Differences in seasonal formulas to meet environmental standards can tack on another 15 cents, sources speaking with USA Today said. Paying $4 a gallon seems to be the most American motorists will bear; gas prices peaked at $4.11 a gallon in summer 2008, leading up to the Great Recession. Such a high national average means prices in historically expensive places like Chicago, Los Angeles and New York could average $4.60 a gallon or higher, analysts speaking with USA Today said. Gas Prices Could Spike 60 Cents or More by May (USA Today) from KickingTires http://blogs.cars.com/kickingtires/

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