Gas Prices Expected to Break 2008 Record Highs

Gas prices have increased for the past 24 consecutive days and no one knows exactly how high they will go. Gas prices have risen 81 cents since the beginning of this year. Several experts are predicting that gas prices will soon break the highest ever recorded prices, set in 2008.

Currently the average for a gallon of unleaded regular gas in the US is $3.81.  Many people are expecting gas prices to rise anywhere from 20 – 50 cents over the next 90 days, as peak driving season approaches.

According to the AAA Fuel Gauge Report, the highest ever recorded average price in the US for gallon of unleaded regular gas is $4.11. For diesel gas, the record high is $4.84 per gallon. Both records were set on July 17, 2008.

In some areas, gas prices have already surpassed those levels. According to Gasbuddy.com, the highest prices are in Honolulu, where the average is $4.38. San Francisco is averaging $4.23. In Los Angeles, gas is averaging $4.20 a gallon. In Chicago and San Diego, it’s averaging $4.17.  In Gary, IN and Long Island, NY, gas prices are averaging $4.01. In Miami, gas is at $3.87. The lowest gas prices are in Tucson, where gas is averaging $3.50.

The rapid increases in gas prices are related to recent spikes in oil prices.  Oil prices fluctuated last week  and ended on a high, as it rose 94 cents to $109.05 per barrel on Friday. Oil prices have been rising slowly since 2009. The crisis is Libya, among other factors, have caused oil prices to increase over 28 percent since the fighting in Libya began in the mid-February. Several analysts expect oil prices to keep rising this year, arguing that the Libyan crisis will continue to constrict world supplies.

When gas prices are rising, investing in a fleet tracking system makes more sense than ever. A GPS-based fleet management system can help your company save time, money and and fuel. A GPS fleet tracking system can significantly reduce fuel expenses. Lower fleet fuel bills equal higher net profits.

For a fleet of 25 vehicles, idling time reduced by only 15 minutes per day can result in fuel savings of 562.5 gallons at a cost of about $2,143 per year at current gas prices. If you reduce idling time by 60 minutes, it would result in a fuel savings of 2,250 gallons at a cost of over $8,573 per year!