$4.50 a Gallon for Gas on the Horizon?
Improved economic indicators and continued volatility for crude oil prices could lead fuel prices to soar to record highs in 2012, AAA reports.
The price of gas could be back on its way to $4 a gallon or even higher, according to AAA.
The price of regular unleaded gas averaged $3.42 a gallon nationally Sunday, up 1 cent from a week ago, according to the latest AAA survey. The same survey also reported the cost to fill up spiked to $3.38 a gallon in Maryland, a 2-cent increase from a week prior.
The prices, AAA reports, are at their highest levels ever for this time of year, just as motorists prepare for the Thanksgiving holiday. AAA also believes that prices could soar to $4.25 to $4.50 a gallon in 2012 thanks to crude oil volatility and increased demand due to positive economic indicators. This would be a far increase from the record-high average of $4.11 a gallon, set back in 2008.
Crude oil closed Friday at $98.99 a barrel, which represented the sixth straight week of increases and a nearly 30 percent increase since early October when the price was $75 per barrel, according to AAA.
“Thanksgiving is less than two weeks away and with most holiday travelers planning to take to the road to get to their holiday destinations, many are left wondering how much higher gas prices will creep at a time of year when they are typically on the decline,” said AAA Mid-Atlantic spokeswoman Ragina C. Averella in a statement.
“Gas prices have been anything but typical this year, which leaves motorists extremely skeptical when it comes to price trends. Although most motorists will unlikely alter their travel plans for the Thanksgiving holiday, they will undoubtedly be asking themselves why prices are on the rise and how long the trend will continue.
"This remains to be seen, although some analysts believe prices will remain steady or even slightly lower through the end of the year before climbing into potentially record-high territory next spring and summer,” said Averella.
Here are the cheapest gas prices in the Aberdeen area, according to MarylandGasPrices.com.
|Gas Station||Address||Price for Regular Unleaded|
|Wawa||23 N. Philadelphia Blvd.||$3.28|
|Shell||1026 Middleton Road||$3.29|
|Exxon||7 N. Philadelphia Blvd.||$3.29|
|Sunoco||607 S. Philadelphia Ave.||$3.31|
|7-Eleven||602 S. Philadelphia Blvd.||$3.33|