Gas Prices Soar Overnight, $4 A Gallon By Next Summer?

By Maureen Mespell
By John W. Davis

December 27, 2010 Updated Dec 27, 2010 at 11:16 PM EDT

FORT WAYNE, Ind. (Indiana's NewsCenter) -- Gas prices hit the $3.19 mark Monday afternoon. Fort Wayne hasn't seen the price of gas go above the $3.00 mark since 2008.

"I couldn't believe it. I thought I better fill up before it goes up more," said Fort Wayne Resident Kay Jones.

Fuel analysts said that was because the worldwide economy is beginning to rebound, there's going to be rapidly increasing demand for fuel in China and India.

$4 per gallon is not out of the realm of probability perhaps as soon as late spring or early summer.

One year ago, gas was $2.59 in Fort Wayne.

"It just seems like around the holidays or any other time people are on the road quite a bit, the gas prices go up and then a week later, they go down for no reason, whatsoever," said Fort Wayne Resident Mark Green.

AAA says gas costs the most in Hawaii, at $3.65 per gallon while Colorado averages $2.77 per gallon.

The national average for a gallon of regular unleaded gasoline is $3.04, according to the AAA.

"I actually filled up, cause I don't know how much higher it's gonna go," said Fort Wayne Resident Rebekah Ort.

Other residents are praying gas goes down as quickly as it went up.

"No strategy. It's kinda like playing the lottery. I'm just gonna put ten in and hope it goes down," said Fort Wayne Resident Terry Leatherman.

A recent national study said by 2030, Americans will use 20% less than gas than they do in 2010.

Researchers said higher fuel economy, electric cars, and ethanol production are major contributing factors to the decline of America's dependence on oil.

However, gas prices are expected to remain high because developing economies in Asia and the Middle East are expected to use more oil in the near future.




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