Gasoline prices project to top $4/gallon

See "Gas prices could spike 60 cents or more by May" from USA Today. From the article:

So far, $4 a gallon has proven to be the upper limit consumers will pay. Last April, national prices peaked at about $3.98 a gallon. In 2008, a sharp run-up ended when prices hit an all-time average of $4.11 a gallon that summer.

"Higher demand, Iran, lost refining capacity are all potential problems," Milne says. "We'll get over $4 a gallon, but it's going to be tough to sustain that level. People will drive less."

Energy analyst Patrick DeHaan of price tracker Gasbuddy.com expects prices to rise to about $3.55 a gallon by the end of February and peak around $4 by Memorial Day weekend.

"You could see prices in Chicago, Los Angeles, New York, Washington and other major metropolitan areas at $4.60 or higher," DeHaan says. "There's definitely a limit how much it can go up. But the overall trend does remain higher."

Also see "Earliest ever rise above $3.50 is a bad sign for U.S. motorists" and "Gasoline consumption falls in California" from the Los Angeles Times.

Will that have impact on transit use, vehicle miles traveled, consumer spending on other goods? Will it further encourage relocating to places closer to the core of metropolitan regions? Etc.

Although car sales by the domestic auto industry, comparatively speaking, are booming. See "Taking Credit for Michigan's Rise" from the Wall Street Journal.