CHART OF THE DAY: Get Ready For $3/Gallon Gasoline This Summer

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Here it comes.

After plunging during the deflationary crisis of 2008-2009 average US gas prices have been steadily inching up, and are now in spitting distance of the $3/gallon level.

In fact, in the EIA’s own Short-Term Energy Outlook, the government agency predicted that gasoline would hit $3/gallon at some point at various points in the spring and summer.

For the full year, prices are expected to average $2.84 in 2010, and then $2.97 in 2011.

Don’t miss: 15 Countries That Will Get Creamed In An Oil Price Spike >

CHART OF THE DAY: US All Grades All Formulations Gas Price

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