Biz Buzz
By Jim Martin, Doug Oathout Erie Times-News staff bloggers
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Posted: February 13th, 2012
$4-a-gallon gas by Memorial Day?

We could be in for another summer of pain at the pumps.
Gas prices climbed 10 cents a gallon at most area stations this weekend, bringing the cost of a gallon of unleaded regular to $3.59.
Two weeks ago, we were paying $3.39 a gallon.
A year ago, we were paying $3.34, according to AAA.
The run-up is counter to what our neighbors are seeing in Ohio, where prices just fell 10 cents a gallon to an average of $3.33.
So where does it go from here?
Tom Kloza of the Oil Price Information Service recently told USA Today that we could be in for “a chaotic spring” with prices spiking another 60 cents a gallon by Memorial Day.
He expects average prices to peak at $4.05 — with some markets going even higher.
But not everyone believes higher prices are inevitable. There are a few forecasters saying there is a chance prices could go lower this year because of weak global demand.

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