Rising Gas Prices

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Monday, January 3, 2011 - 8:59am

Are we headed to $4 or even $5/gallon gasoline?

As thousands make the holiday trip home, they'll face a pretty rough road to start 2011.

Snow and ice will make driving dangerous, difficult, and in some places impossible but even in areas where the weather is perfect, the price at the pump is not.

Right now, the national average is $3.07, over $3 for the first time since 2008 and up nearly 40-cents since Labor Day. Half of that increase coming in the last month.

Chicago resident Lou Caesar says "they are just going higher and higher, I drive all day long so it really affects me and my job and my pocketbook."

An affect that most analysts agree will linger.

Oil industry analyst Andy Lipow says "for 2011 I think the consumer is going to see an average price of three dollars a gallon."

That increase will put a strain on many, and not only behind the wheel.

Those forced to stay in a bit more, especially in the Northeast, will also face a higher fuel bill at home.

Andy Lipow says "we've seen a significant rise in heating oil prices."

Just one more sign it will likely be a long cold and costly winter.

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