HARTFORD, CT (WFSB/AP) -
Gasoline prices have never been higher this time of the year, and some officials are saying this could just be the start of a huge jump in the price for a gallon of gasoline.
At $3.53 a gallon, prices are already up 25 cents since Jan. 1.
And experts say they could reach a record $4.25 by late April.
One expert is saying that gas prices could reach nearly $5.50 a gallon by Memorial Day.
The surge in gas prices follows an increase in the price of oil.
Higher gas prices could hurt consumer spending and curtail the recent improvement in the economy.
A 25-cent jump in gasoline prices, if sustained over a year, would cost the economy about $35 billion. Economists say it's a meaningful amount, especially at a time when growth is only so-so.
According to GasBuddy.com, the cheapest gas is currently in Middletown at $3.61, and the highest was reported to be in Westport at a whopping $4.49.
What are the prices in your town? Check out local gas prices by clicking here.
Copyright 2012 WFSB (Meredith Corporation). The Associated Press contributed to this report. All rights reserved.
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