NEW YORK – Gasoline prices, already higher than $3 a gallon in some states, could go higher and possibly hit $4 a gallon in some areas by this summer, according to the Web site Some experts are saying the increase could be the result of continuing refinery problems, shrinking inventory, and strong demand. The Energy Department forecasted prices would peak below $3 a gallon in May and then fall off before the summer driving season reached its peak. But the nationwide average price for a gallon of unleaded regular gas has already hit $2.87. According to the motorist organization AAA, five states already have average prices above $3 a gallon, including California, Hawaii, Oregon, Washington, and Nevada. In California, the average price of gas has reached $3.35 a gallon.

Originally posted on Fleet Financials