Gas prices are highest ever for this time of year
NEW YORK (AP) -- Gasoline prices have never been higher this time of the year.
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.
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.
(Copyright (c) 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)