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December 4, 2008 4:37:27 PM CST

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$4 Gas Expected This Spring

Posted Mar 12, 08 4:40 AM CDT in Business 

(Newser) – Skyrocketing gas prices could hit $4 a gallon as early as this spring, predict government analysts. A new Energy Department report estimates prices will peak at close to $3.50 in most of the nation in May and June, but the $4 barrier could be broken in some regions, and even across the country for a short period as demand peaks, reports USA Today.

The record-breaking prices are expected to hit the economy hard and raise recession fears. Motorists are already cutting back on their driving in the face of soaring prices. The government expects prices to ease off later in the year, but most experts agree that the low gas prices seen earlier this decade won't ever come back.

Source USA Today

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David Montgomery, of Fort Worth, Texas, unloads fuel at a gas station, Monday, March 10, 2008, in Dallas. Gasoline prices were poised Monday to set a new record at the pump, having surged to within half...   (Associated Press)
A customer pumps gas at a Shell station where prices approach $4.00 per gallon in Los Angeles. The government has predicted that gas prices will top $4.00 per gallon in parts of the country this spring.(AP...   (Associated Press)
Customer Carlos Mora gets gas at a Shell gas station in San Mateo, California. Record-breaking gasoline prices are hitting US businesses and causing motorists to cut back on their driving. (AP Photo/Paul...   (Associated Press)
A sign at a Chevron gas station in Anchorage, Alaska, displays the current prices, Friday April 27, 2007. Chevron Corporation reported Friday a net income of $4.7 billion for the first quarter 2007, compared...   (Associated Press)
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gas prices • oil price • oil • inflation • oil supply • $100 a barrel oil


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