U.S. Gas Prices to Hit Record Summer Highs

U.S. motorists will pay record prices for gasoline this spring and summer because of soaring crude oil costs and low fuel inventories, the Energy Department said.

Regular-grade gasoline will climb to a nationwide average of $1.83 a gallon during April, a record for any month, the department said. Gasoline will average $1.74 a gallon from April through September, up 13 cents from a forecast last month.

Crude oil prices have jumped 12% this year and last week surpassed $37 a barrel, the highest since U.S. troops prepared to invade Iraq last March, based on New York futures. Higher prices reflect shrinking U.S. oil reserves, which in January fell to a 28-year low, and expectations for reduced supplies from the top petroleum producers.