Gasoline prices could hit record highs

Gasoline prices typically rise heading into peak spring and summer driving seasons. But 2013’s runup is earlier and faster than in previous years. How much more can gasoline prices climb? Another 20 to 50 cents a gallon – a level that could propel the cost of gasoline, now $3.75 a gallon, to all-time highs, some experts say. Gasoline prices typically climb from February to Memorial Day on expectations of rising consumption and costlier summer-blend gas. But so far this year, prices are surging sooner and faster than ever before – up 45 cents since mid-January. The Oil Price Information Service and other longtime industry observers are sticking to forecasts that prices will peak at about $3.95 by early April. But others say prices will eclipse July 2008’s record $4.11.