Americans getting an early start on the Memorial Day weekend found that gasoline prices again sprinted to a new record high overnight, reaching a national average above $3.83 a gallon. Some analysts predict gas will break past $4 as early as next week.

Oil prices

US%40CL.1 loading...

Quote  |  Chart  |  News  |  Profile

[US@CL.1  Loading...      ()   ], meanwhile, fluctuated Thursday after setting a new record of $135.09 in overnight trading. A stronger dollar gave some investors reason to sell oil futures to lock in profits from crude's record run. But concerns about falling supplies and rising demand are expected to keep propelling prices higher in the days and weeks to come.

"The excuses for the skyrocketing oil price are really rubbish. THE only answer is speculation," writes Fast Money viewer CJ.

Oil's surge is contributing directly to the pain consumers feel every time they fill up. At the pump, the average national price of a gallon of regular gas rose 2.4 cents overnight to $3.831, according to a survey of stations by AAA and the Oil Price Information Service. Prices are 61 cents higher than a year ago.

"We're going to blast past $4," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

"I think this economy is domed if we get stuck at these prices," writes Joe, another Fast Money viewer.

That leads to our Fast Money Reader Poll. Do you agree with Joe... Will $4 gas will "doom" our economic recovery?

> Gas over $3.83 as early holiday travelers hit road

______________________________________________________
Got something to say? Send us an e-mail at and your comment might be posted on the Rapid Recap! Prefer to keep your comments private? Send those questions and comments to .

Tools:

PrintEmail Del.icio.us Digg It

Next Post

Previous PostBack to Main Page