President's Day Weekend Sees Record Gas Prices

Drivers across the country are expected to see steep price increases.
1:42 | 02/18/12

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Transcript for President's Day Weekend Sees Record Gas Prices
Painful reality hitting drivers across the country -- soaring gas prices now the highest they've ever been at this time of year. Prices now average 354 a gallon but in parts of this country tonight. It's already hit the four dollar mark ABC Cecilia Vega in Los Angeles -- this evening on the steep new prices and what American drivers could be facing down the road. David gas prices have been rising quickly in recent weeks and now take a look at this. More than four dollars a gallon here these are the highest prices we have ever seen this time of year. You're in this city of angels and freeways when it comes to prices at the -- there is nowhere to go but up and up and up. Just in time for President's Day weekend sky high gas in Los Angeles the rest of the country may not be far behind. Experts predict the traditional spring surge could push gas prices to 425. By late April and close -- five dollars a gallon by Memorial Day. Drivers in big and small cities alike can blame their pain at the -- on increasing oil prices surge being driven by tensions with Iran. A rising demand from countries like China and the shutdown of refineries. Any lasting spike in gas prices could hurt the entire economy. For every ten cent hike at the pump consumers cut other spending by nine billion dollars unfortunately high gas prices -- That there will be around for quite some time. Now there is one tip that could save you some money gas prices tend to be higher in May and June so if -- at all possible postponed that road trip until the end of summer David. It'll still be expensive maybe just not as expense.

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

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