LOS ANGELES — U.S. motorists have seen the national average for regular gasoline rise above $3.50 a gallon in just three years, but it has never happened this early.
The national average hit $3.523 a gallon, the Energy Department said Monday, up 4.1 cents from a week earlier. Analysts said the early price shocker is likely a sign that pain at the pump will rise to some of the highest levels ever this year.
In Denver, the average price Tuesday was $3.02, well below the national average, according to AAA Daily Fuel Gauge Report.
“This definitely sets the stage, potentially, for much higher prices later this year,” said Brian Milne, refined-fuels editor for Telvent DTN, a commodity information services firm. “There’s a chance that the U.S. average tops $4 a gallon by June, with some parts of the country approaching $5 a gallon.”
Even in 2008, the year that average gasoline prices hit records above $4 nationally during the summer, the U.S. average didn’t climb above $3.50 until April 21, according to the Energy Department’s weekly survey of service stations. The $3.50 mark also was breached last year, but not until March 6.
Plenty of reasons exist for the high prices, and there are lots of reasons to expect a big price surge in the spring, said Tom Kloza, chief oil analyst for Oil Price Information Service.
“Early-February crude-oil prices are higher than they’ve ever been on similar calendar dates through the years, and the price of crude sets the standard for gasoline prices,” Kloza said.
Several refineries also have been mothballed in recent months, he said.
