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The rising cost of gas has some consumers on edge.  In early March of 2011, gas prices reached a two-and-a-half-year high, jumping more than 30 cents nationwide in just two weeks.  According to "TIME" magazine, the average price for a gallon of regular unleaded in the U.S. was $3.51 as of March 7, 2011.  The only other time gas prices have spiked that high, that quickly, was "between August and September of 2005," following Hurricane Katrina.

As of March 9, 2011, there was no immediate relief at the pump in sight.  Analysts warned that prices could continue to rise, in part "due to continuing violence" in the Middle East, including Libya.  That could up gas prices as much as 15 cents per gallon in the short-term, according to "TIME" magazine.  "The Wall Street Journal" says federal energy officials have indicated that there is about a "25 percent chance that gas prices will average $4 a gallon or more" during the busy summer driving months.

GasBuddy.com, which keeps track of gas prices across the country, reported that some of the highest prices in the nation were in Hawaii, where gas averaged just over $3.94 per gallon on March 9, and in California, where the average was nearly $3.91 per gallon. 

How will the skyrocketing gas prices affect the U.S. economy?  "The New York Times" quotes economists as saying that even if prices continue to surge, "the spike is unlikely" to "derail" any economy recovery.  The prices could, however, "slow the recovery from the recession," as consumers open their wallets wider to fuel their vehicles.  Not everyone agrees: "USA Today" quotes Moody's Analytics senior economist Ryan Sweet as saying that as gas prices have risen, "the stock market has stumbled," and that, he says, could prompt consumers to "take a step back and slow spending."

REFS

http://newsfeed.time.com/2011/03/07/squeezing-pennies-at-the-pump-gas-prices-spike-nationwide-to-two-and-a-half-year-high/
http://blogs.wsj.com/drivers-seat/2011/03/09/energy-agency-get-ready-for-4-per-gallon-gas/?mod=google_news_blog
http://www.gasbuddy.com/GB_Price_List.aspx
http://www.nytimes.com/2011/03/09/business/economy/09gasoline.html?src=busln
http://www.usatoday.com/money/industries/energy/2011-03-08-gasprices08_ST_N.htm
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