Gas prices could hit record high next month

Gas prices could hit record high next monthConsumers may soon have even more reasons to use their bad credit auto loan for an environmentally friendly vehicle, as USA Today is reporting that gas prices could continue skyrocketing to record highs by Memorial Day weekend.

According to the news source, the current national average for gasoline is $3.81 per gallon, which is nearly a dollar higher than this time last year. If the Middle Eastern and North African turmoil does not dissolve in the near future, industry analysts contend that the average price of fuel could rise above $4.11 per gallon, the highest it has been since July 2008.

"We could easily tack on another 30 to 40 cents a gallon," Darin Newsom, a senior analyst at energy tracker Telvent DTN, told the news source.

Some cities have already surpassed the highest national average record, such as Los Angeles, which has seen rates of $4.20 per gallon.

"We're going to see some more increases, but $4 gas is enough to cut demand. Once you get to a place where everyone is paying $4, the pain threshold is universally shared," Peter Beutel, president of energy risk manager Cameron Hanover, said to the news provider.

Those with a car loan may want to take this as a cue to look towards a fuel-efficient vehicle when they head to the dealership.