Summer heat: Gasoline prices are on fire

If recent high prices at the pump have you down, you have a long summer ahead of you. Prices are not expected to cool off anytime soon, and some reports are estimating that we could be looking at $4 gallon gasoline before it is all said and done.

Earlier in the year the Energy Department had estimated that we would see prices peak a little under $3 this summer. Well, with national prices already averaging $2.87 a gallon (for regular unleaded), I think it is safe to assume that the Energy Department slightly underestimated the price levels we are going to be seeing. In some locations across the nation people are already handing over an excess of $3 per gallon when they hit the pumps.

So far this year retail prices have risen 32%. Gasoline inventories have fallen 13% over the last two months and are significantly under the average for this time of the year. Not a pretty picture for car owners out there. Two weeks ago an Energy Information Administration analyst estimated that prices would peak at $2.87. Their next estimate will come out on May 8 and this time the forecast is sure to be higher. How much higher remains to be seen.

Where are the worst places in the country to buy gasoline? Here are the top 5 worst markets and the current average price at the pump: