Submitted by admin on Wed, 02/15/2012 - 11:12
From USA Today, via ABC News:
Get ready for another round of pain at the pump: $4 (or higher) gasoline.After rising 19 cents a gallon in the past four weeks, regular unleaded gasoline now averages $3.48 a gallon, vs. $3.12 a year ago and $2.67 in February 2010.Prices could spike another 60 cents or more by May. "I think it's going to be a chaotic spring, with huge price increases in some places," says Tom Kloza of the Oil Price Information Service. Kloza expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets...
...Lisa Margonelli, author of Oil on the Brain: Petroleum's Long, Strange Trip to Your Tank, says consumers will be vulnerable to rising prices until the U.S. develops alternative fuels such as natural gas.