$4.50 gas prices predicted next summer

Think gas prices are high now?  Just wait for peak driving season next summer.

The Oil Price Information Service says nationwide gas prices could average a record $4.50 a gallon by early summer, 2012.

That's based on the price of oil now, and the fact that prices increase every spring as demand and miles driven increases. 

Oil prices unusually high right now

Crude oil is currently at $95 a barrel, a record for November, when demand is traditionally low.

Assuming that demand starts spiking next April and May, the industry group expects oil prices well above $100 a barrel, which would correspond to pump prices in the $4.25 to $4.50 range.

The all-time high for regular gas in the Cincinnati area is $4.25, set in the summer of 2008 right before the recession brought prices down.

Price hike this week

Meantime, pump prices are moving up this week, during a time of year when they typically fall.

Rising oil prices have many Cleveland-area gas stations raising their prices to $3.27, up from $3.15 in some cases. This unusual November jump in gas prices could be a hint of things to come next summer, according to analysts.

For the latest in gas prices from around the area, go to newsnet5.com/subindex/traffic/gas_prices .

As always, don't waste your money.

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