Houston gas prices predicted to hit new high by Memorial Day

Gas prices have been steadily going up in Houston since the New Year, but according to Gasbuddy.com, the gasoline peak is still months away for drivers.

The site, which monitors local, state and national gas prices, released its 2012 forecast, and the report paints an unpleasant picture for Houston drivers — gas prices in the $3.95 to $4.25 range by Memorial Day.

“Motorist who drive a SUV may want to consider calling their banking institution and obtain a credit limit increase so they can afford this summer’s fuel expenses,” Patrick DeHaan, senior petroleum analyst, said.

Average unleaded gasoline prices edged up a penny this week, but prices have been rising since the New Year. Houston drivers have seen a 15-cent rise in the first three weeks of 2012.

Houston Historical Gas Price Charts Provided by GasBuddy.com

According to GasBuddy, the trend should continue through May due to three refineries shutting down in the northeast, rising tensions with Iran and record gasoline imports. The report also mentioned a potential impact of the Keystone XL permit.

“The proposed new pipeline has the potential to shake up prices in either direction,” the report stated.

Like other 2012 forecast, GasBuddy predicts national gasoline prices to rise during the spring before peaking around the Memorial Day weekend. After that, gas prices should slowly decline.

Houston prices should fall in the $3.95 to $4.25 range for the Memorial Day holiday, which would mark the highest price for the holiday weekend.

However, many other cities will have much higher prices. Here is a run down:

Atlanta: $4.25 – $4.60

Boston: $4.10 – $4.35

Charlotte $4.00 – $4.35

Chicago: $4.60 – $4.95

Columbus: $4.20 – $4.55

Dallas: $3.80 – $4.15

Denver: $3.85 – $4.05

Detroit: $4.15 – $4.50

Houston: $3.95 – $4.25

Indianapolis: $3.90 – $4.25

Jacksonville: $3.95 – $4.30

Los Angeles: $4.45 – $4.70

Memphis: $3.95 – $4.30

Miami: $4.05 – $4.40

Minneapolis: $4.15 – $4.45

New York City: $4.30 – $4.55

Philadelphia: $4.15 – $4.40

Phoenix: $3.90 – $4.20

San Francisco: $4.50 – $4.85

Seattle: $4.40 -$4.65

Lowest Gas Prices in Houston

Houston Gas Prices provided by GasBuddy.com

Gasoline Forecast Media