High gas prices aren't keeping Americans at home over the …
This Feb, 13, 2012 photo shows gas prices at Exxon and BP Mini-mart in Scott Township, Pa. (AP Photo/Gene J. Puskar)
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Gas prices are highest ever for this time of year
Prices up 25 cents since Jan. 1
Updated: Tuesday, 21 Feb 2012, 6:47 AM EST
Published : Tuesday, 21 Feb 2012, 6:46 AM EST
NEW YORK (AP) — 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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