Gas prices hitrecord high for second day

But that?s not the bad news ? there might be no relief in sight.

“I don?t think we?re going to see relief for a while,” said Jason Toews, co-founder of Minneapolis-based GasBuddy.com, a Web site that tracks gas prices across the country. “I?m expecting prices to go to $3.80 to $4 a gallon across the nation this summer, and Baltimore and Maryland typically follow the national average.”

And with China and India continually increasing their oil consumption, motorists might soon wish for the days of $3 gas, Toews said.

“It?s not looking good for the next few years here,” Toews said. “I?m thinking we could see $8 per gallon in the next five years.”

The national average price for a gallon of gas jumped 3.6 cents over the weekend to a record $3.339 Monday, according to AAA and the Oil Price Information Service. In Maryland, the average price increased 0.4 cents overnight to $3.288 ? 53.4 cents higher than a year ago.

Oil futures, meanwhile, jumped by more than $2 a barrel to settle at $109.09 a barrel on the Nymex, crude oil?s highest settlement since March 18. Traders bet the Federal Reserve will continue cutting interest rates, and OPEC?s comments suggesting the cartel plans no production increases also boosted oil prices.

Marylanders are paying more per gallon than they were at any other time, including the aftermath of Hurricane Katrina, when Maryland reached its high average of $3.27 a gallon in September 2005.

“Today?s record highs have nothing to do with weather-related or geo-political events,” said Ragina Averella, manager of public and government affairs for AAA Mid-Atlantic. “Instead, the record high price of crude oil and a weak U.S. dollar are the primaryfactors driving up prices.”

In the Baltimore region, the average price Monday was $3.263 a gallon, still short of the record high of $3.307 a gallon reached in September 2005.

The Associated Press contributed to this article.

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