Gas Prices Could Soon Reach $4.25 a Gallon

Could gas prices soar to $4.25 a gallon?

AAA believes that is a possibility as its latest survey shows the price for regular unleaded continuing to rise at a record pace.

According to a AAA news release, the national average for a gallon of regular unleaded jumped to $3.69 on Sunday, up 13 cents from a week ago and 36 cents from a year ago.

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In Maryland, the average price for regular unleaded Sunday was $3.67 a gallon, up 6 cents in a week and 40 cents over the same time last year, the release continued.

The apparent resolution of the Greek debt crisis, tensions in Iran and an improving U.S. economy are all factors for rising crude oil prices, which spiked to $109 a barrel on Friday, according to the release.

As supplies tighten, AAA reports that the price per gallon for regular unleaded could reach $4.25 in the Northeast by the end of April, 14 cents higher than the record national average of $4.11 a gallon set in July 2008.

Here are some of the cheapest gas prices in the Parkville-Overlea area according to Patch’s gas price tracker and MarylandGasPrices.com:

Gas Station Address Price of Regular Unleaded Crown 5109 Belair Road $3.56 Cub Hill Citgo 10100 Harford Road $3.58 6109 Belair Road $3.59 8601 Old Harford Road
$3.60
9200 Harford Road
$3.63

How have rising gas prices impacted your budget? Tell us in the comments section below.