Gas prices hit highest level in 15 months - Spokane, North Idaho News & Weather KHQ.com

Gas prices hit highest level in 15 months

Analysts predict the price of a regular gallon of gas will again top $3 by late Spring Analysts predict the price of a regular gallon of gas will again top $3 by late Spring

WASHINGTON. - A long, slow rise in gas prices is making it tough on travelers.

The Automobile Association of America (AAA) reports the average price per gallon of regular is up close to 70 percent from the time last year, creeping toward the three dollar range.

The price has already hit three dollars in parts of California, Alaska and Hawaii.

The higher prices are in part the result of global economies climbing out of last years recession, which has created more demand for oil.

"That's a very good thing for everyone," says energy analyst John Kilduff of Round Earth Capital. "However, part of crude oil's rise helped push us into the recession in 2007, so we have to be careful of this and be watchful that it won't get out of control."

The Energy Information Administration reported this week that supplies of crude oil and gasoline in storage are actually growing, which could help stabilize prices.

Some experts say producers need to ramp it up even more.

In the meantime, higher prices are causing drivers to change their habits.

Gas is still well off the $4 per gallon high from July 2008.

Analysts say you can look for the cost to top three dollars per gallon by late Spring.

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