Americans Should Expect To Pay Record Prices For Gas In 2012

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Gas prices will hit new levels next year, beating 2007 prices by 10% or more, predicts on analyst. 

Oil Price Information Service’s Tim Kloza told the Los Angeles Times: “We are at the highest fuel prices ever for this time of year, even though they have dropped a bit in recent weeks. I think we will see prices in 2012 that will break … records.”

The Energy Department reported Monday that the average gasoline price is $3.424 a gallon, based on its weekly survey of petrol stations—56 cents higher than the same time last year.

Kloza says we’re on track to spend a whopping $100 billion more than we did in 2010, which means we’ll dole out $487.7 billion this year. The only other time we came close to that figure was in 2008.

Worldwide demand for gasoline, especially from rapidly-developing countries like China, and the rise of U.S. fuel exports are two reasons why Kloza believes there’s been such a price gouge at home.

Better prepare for rising prices. See the best credit cards to help you save at the pump >

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