Another Painful Year at the Pump
Tuesday, February 14th, 2012 -- 11:34 AM
-Signs indicate a painful year at the pump.The national average for a gallon of regular gasoline has rose above $3.50 a gallon and that has only happened on three occasions, but never this early in the year.
In 2008, average gasoline prices had hit records nationally by the summer, but they didn't climb above $3.50 a gallon across the U.S. until April 21. It happened again last year, but not until March 6.
But $3.50 a gallon gasoline is already here in 2012, weeks before refineries typically shut down for springtime maintenance, and weeks before the states switch from their less expensive winter blends of gasoline to more complicated and pricier summer blends.
This potentially sets the stage for much higher prices later this year. There's a chance that the U.S. average tops $4 a gallon by June, with some parts of the country approaching $5 a gallon.
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