Gas prices on the way to $4 a gallon... or higher

gas prices

Credit: AP Photo / Nati Harnik

The price of fuel is adjusted at a gas station in Lincoln, Nebraska earlier this month.

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WFAA

Posted on February 24, 2011 at 3:20 AM

There are new and dire predictions about the price of gasoline.

Analysts say you're likely to see pump prices reach $4 a gallon by Memorial Day, and prices could soar to $5 a gallon before they retreat.

Crude oil prices rose to a two-year high on Wednesday, fueling those fears.

Right now, on average, North Texans are paying $3.06 for a gallon of regular; that's 56 cents higher than a year ago, but it's not nearly as bad as it was in 2008, when gas prices reached a national average of $4.11.

Three years ago, everyone felt the ripple effect. It drove North Texans to consider public transportation, and car buyers were choosing smaller cars or hybrids over SUVs.

People paid more for groceries like milk, meat and fresh produce.

And airlines raised fares by adding fuel surcharges of up to $170 per round trip at one point.

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