Gas Prices Soar

The cost of a gallon of gas is at a four-month high.
2:14 | 02/18/13

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Transcript for Gas Prices Soar
Back here at home, it's time to fasten our seat belts. For 32 straight days now, gasoline prices have soared, now a four-month high. 3.73 a gallon. And we learned today how much higher they'll rise in april when they should start falling again. The newest member of our abc team, a veteran business reporter, linzie janis, here to explain. Welcome. Reporter: Thank you, diane. You know, americans spend 4% of their household budget on gas last year. It's the biggest slice in three decades and it makes the recent spike all the more worrying. orter: THE PEARSONS KNOW What they're not looking for in the family car. I don't want an suv, it's too much price -- it's too pricey on gas. Reporter: They're giving up more space for more miles to the gallon. It's their number one priority. Close to $4 already, I think by the end of the month, it will be $4. Reporter: Prices often spike in the spring as refineries switch over to a summer blend of gasoline, but this year they're rising well ahead of schedule. In california, where some gas stations are already charging $5 a gallon -- I'm at $64, it usually takes me, like, 50 bucks to fill up. Reporter: Drivers are starting to make sacrifices. Dinners out. Movie night. Things like that. Reporter: The big fear is that rising gas prices threaten a fragile economic recovery. If we hit $4 a gallon on regular unleaded across the country, that could do a lot of damage. Nothing hurts more more quickly than rising gasoline prices. Reporter: The price tracker th at gasbuddy.Com predicts gas will reach $3.75 to $4.05 by april. As the pearsons shop for their new car, they worry about their annual trip to south carolina in april. Last year's trip cost them $300 in gas. This year, just $230 in their new car. Mom and dad may be focused on fuel, but young austin has a different wish. What kind of car do you want to get? Red! Reporter: And diane, some possible relief in sight. Gasbuddy.Com says that prices will probably start to held lower around memorial day.

This transcript has been automatically generated and may not be 100% accurate.

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