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Gas Prices Could Reach Record Levels In 2012

Gas pump
Joe Raedle / Getty Images

If you feel like you are paying more and more for gas these days, there’s a good reason for that feeling…….YOU ARE! Right now, we are paying on average of 22-cents more per gallon than this time last year. The average price of gas now is about $3.32 per gallon, up from $3.10 last year. So far, 2011 was the priciest year for gas with the average household spending about $4,155 gassing up which is also a record.

 By spring or summer, we could be looking at gas prices of over $4.00 per gallon. Experts say seasonal demand patterns, tension with Iran and rising demand for oil in China and India are reasons why a sharp increase is all but certain making 2012 the priciest year ever.

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