Gas prices headed to $3 a gallon?

Crude oil hit a 2010 high on Friday, and some analysts are suggesting that gas prices could follow suit and perhaps reach as high as $3 a gallon by Christmas.

The national average for a gallon of regular unleaded wouldn’t have far to go to get there. It was at $2.90 a gallon on Friday, 27 cents higher than a year ago at this time.

Crude oil was trading at $89.19 a barrel at the close of business on Friday, its highest mark since October 2008. The price of a barrel of crude was up 6.5 percent from the start of last week.

“With the holiday shopping season in full swing, motorists are undoubtedly unnerved by the recent increase in pump prices,” said Martha M. Meade, manager of public and government affairs for AAA Mid-Atlantic. “Increased gas prices, especially during the holiday season, cause motorists concern when digging deeper into their pockets to fill up their tanks, while at the same time begin to plan holiday travel and shopping expenses.”

Edited by Chris Graham. Chris can be reached at freepress2@ntelos.net.


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