Motorists who had their fill of high gas prices a few years ago won’t like what’s over the next rise in the road: potential record-high gas prices by Memorial Day.
The statewide average hit $3.60 per gallon yesterday after rising 4 cents from a week ago and 18 cents over the past month, according to a survey by AAA Southern New England. Tensions in the Middle East have driven oil prices higher, which in turn has pushed up prices at the pump and renewed worries about $4-a-gallon gas.
“What we’re seeing is pressure and fear from Iran. There’s really not much else to it,” said Patrick DeHaan, senior petroleum analyst at GasBuddy.com, a website that tracks gas prices for consumers.
DeHaan pegged Greater Boston’s average gas price at $3.63 yesterday, up from $3.16 a year ago, and forecast fuel costs from $4.10 to $4.35 by Memorial Day. The high end of that range would shatter the Hub’s peak of $4.09 a gallon, reached in July 2008.
Sharper hikes are expected in the weeks ahead because the typical price increases of March and April, when refineries switch from a wintertime fuel formula to a summer gas setup, have yet to happen.
Sky-high prices could slow the economic recovery, because consumers typically cut back on spending while they’re pouring more money into their gas tanks.
“You’re going to see a lot more ‘staycations’ this year,” said Michael Lynch of Strategic Energy Economic Research in Winchester. “When the price gets anywhere near $4, you really see people react.”
Herald wire services contributed to this report.