Gas prices are highest ever for this time of year

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Posted: 9:14 PM Feb 18, 2012 Gas prices are highest ever for this time of year NEW YORK Gasoline prices have never been higher this time of the year. Reporter: Associated Press Email Address: newscenter16@wndu.com

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Gasoline prices have never been higher this time of the year.

At $3.53 a gallon, prices are already up 25 cents since Jan. 1. And experts say they could reach a record $4.25 by late April.

The surge in gas prices follows an increase in the price of oil.

Higher gas prices could hurt consumer spending and curtail the recent improvement in the economy.

A 25-cent jump in gasoline prices, if sustained over a year, would cost the economy about $35 billion. Economists say it's a meaningful amount, especially at a time when growth is only so-so.

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