Gas Prices Hit $4 Mark, Nearing All-Time High

Posted May 9th 2011 08:30 AMUpdated May 9th 2011 08:33 AM

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gas prices hit $4 mark

Associated Press

It looks like the nation's drivers are going to be feeling more pressure at the pump. According to a survey published Sunday, the average price of gas in the United States has hit $4.

According to the nationwide Lundberg Survey, the national average for self-serve, regular unleaded gas was $4 per gallon on May 6. That's 11.98 cents more than on April 22, reports Reuters.

If this all sounds like deja vu, it's because we've already heard similarly discouraging news back in April when gas hit $3.84 a gallon.

The most expensive gas in the nation can be found in Chicago, at $4.50 per gallon for regular unleaded. Folks in Tucson have it easier, gas there is the cheapest at only $3.62.

But, prices have yet to surpass the all-time high of $4.11 set on July, 11 2008. And, we might not get there.

"We may see a drop of a dime or more before Memorial Day," Trilby Lundberg, the survey's publisher, told CNN.

Evidence of a price drop can be seen in the wholesale market where prices are already down – 21 cents per gallon for unbranded gasoline and 14 cents per gallon for branded gas.

There are factors at play, however, that could push prices back up. Demand in developing countries as well as the weakening U.S. dollar have caused crude oil prices to rise. Also, the loss of production out of Libya has played a part in increasing prices.

Those who plan to drive to their Memorial Day destinations might want to reconsider.
Will gas prices affect your Memorial Day plans?
Absolutely. I can't afford gas!1 (50.0%)
Not at all. I'm going no matter what!1 (50.0%)


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