Gas prices to reach $5/gal by July 4 weekend
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Date: April 12, 2011 08:30AM
CLEVELAND—
Gas prices are soaring nationwide and in some cities, $4 a gallon is becoming a bargain.
Monday, the national average for regular unleaded climbed to $3.77 a gallon.
Many gas stations in Northeast Ohio are currently charging $3.90. In cities like Chicago, prices have skyrocketed as high as $4.40.
As drivers take notice, they're also changing their driving habits. For the past five weeks, gas prices have shot up and demand has decreased more than 3% nationwide compared to a year ago.
Some analysts are predicting gas will hit $5 a gallon by Memorial Day weekend or early summer.
"I ride with a guy to work. We meet at the rapid station to cut costs," said Mike Long.
"I drive minimally to my job and back. You can't just quit your job because you're driving to it," said Jesse Branovacki. "Five dollars a gallon would really be the biggest for me. I paid $4 for work before. I had to travel and things like that. It was more a necessity so until I reach that mark it's a little easier for me to suck it up," said John Smith.
Rising gas prices are being blamed on increased turmoil in the Middle East and Northern Africa. "It's been the number one factor behind it along with speculation," said AAA Public Affairs Director Brian Newbacher. "In 2008, prices went over $4 for the first time and people started changing their behaviors at that point."