Gasoline prices, on the rise for more than three weeks, could top all-time highs by Memorial Day.
Nationally, a gallon of regular averages $3.81 — up 10 cents in the last week and nearly 96 cents above year-ago levels. Industry experts say prices could surpass July 2008’s record $4.11 nationally as seasonal demand, speculators and political uncertainty in Libya and the Middle East propel oil prices. “We could easily tack on another 30 to 40 cents a gallon,” said Darin Newsom, senior analyst at energy tracker Telvent DTN. Regular gas already is averaging $4.17 a gallon in Chicago and $4.20 a gallon in Los Angeles. Typically, prices peak around July 4, the height of the summer driving season. But escalating prices already are crimping demand and could derail vacation travel, leading prices to plateau by Memorial Day, about six weeks earlier than normal, said Tom Kloza, chief oil analyst at the Oil Price Information Service
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