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| Gas prices are spiking to $4.39 per gallon at the BP station at Congress Parkway and Dearborn Street, Chicago. (Credit: CBS) |
CBS
April 11, 2011
CHICAGO (CBS) – At one time, $5 per gallon gas seemed like a far-fetched idea, but that is no longer the case.
As of Monday, the average price for a gallon of regular unleaded gasoline in the Chicago area is $4.11, compared with $3.71 a month ago, and about $3.10 a gallon at this time a year ago.
Some experts say $5 per gallon gas is possible by Memorial Day-or sometime in summer. Others caution that reaching that mark is unlikely over the next six weeks. In Chicago, the prices keep rising to near-record levels–with no relief in sight.
Right now, oil markets are so skittish that records set in 2008 could fall.
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