Oil hits a high; $4 gas by spring?

Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.

Regular gasoline was selling at a nationwide average of $3.14 a gallon, according to AAA, The price has jumped 19 cents a gallon in two weeks. Energy specialists predict that as demand picks up further this spring and summer, retail prices will surpass the high of $3.23 a gallon set last Memorial Day weekend.

Diesel prices rose to a record $3.60 a gallon.

The price of oil has quadrupled in six years, and Tuesday's close was not far below the inflation-adjusted all-time high set in April 1980. That record, $39.50 a barrel, equals $103.76 in today's money.
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