Gas prices surging; residents feeling the pinch

Latest on Gas and Fuel Costs

February 8, 2011 9:18:06 AM PST
Drivers are feeling the pain at the pump in the form of record high gas prices.

According to AAA in New York, drivers are paying an average of $3.38 for a gallon of unleaded. In Connecticut, drivers are paying slightly less, at $3.34 per gallon. And in New Jersey, drivers are paying the least at $3.04 a gallon.

The spike is being felt nationwide, with no relief in sight.

The energy department says gas prices are the highest they've ever been during the month of February, and drivers are feeling it.

Experts say the country is seeing a record spike.

"This should be the lowest time of the year for prices," said John Hofmeister, of Citizens for Affordable Energy. "If we stay on the path that we are on, we could see $5 gasoline by the end of 2012."

The national average price of a gallon of unleaded is now $3.13, to give you some perspective. In Illinois, the average price for a gallon is $3.09. In Tennessee, drivers are paying around $3.00. The cheapest is Wyoming, coming in at $2.83 per gallon, while the most expensive is Santa Barbara, California. There, drivers are shelling out $3.41 per gallon.

The upward trend in gas prices resembles the picture back in February 2008, when prices went up for five months straight and reached an all-time high of $4.11 per gallon by July 4.

Oil hates uncertainty, according to industry watchers, and the political turmoil in Egypt is having a psychological effect on prices. Now, the spike has affected drivers' psyches, too, to say nothing of their wallets.

And experts are predicting that gas prices will continue to climb.