Expert Predicts $5 a Gallon for Gas by Mid-June

(KNSI) — According to a new survey from Morning Consult, soaring gas prices could put the brakes on summer travel for some.

Ninety percent of Americans say they take the cost of gas into account when deciding on summer travel. Patrick De Haan with Gasbuddy says we are now spending $623 million more on gasoline every day compared to a year ago. “That’s an extremely high cost for the economy.”

The economy could take even more of a hit as a Morning Consult survey shows one-third of travelers would cancel their trips. Sixty percent said they would still travel but stick closer to home.

According to AAA, a check on gas prices in the St. Cloud area shows the average for a gallon of regular unleaded jumped 16 cents overnight Friday to a record $4.51. That’s two cents above the statewide average. Last year, we were paying an average of $2.80.

De Haan says an “exceptional event” such as “a major hurricane in the Gulf of Mexico shutting down oil production and refineries in that area” could make the national average approach $6 a gallon. As of Friday morning, the national average is $4.76.

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