In other news, the Energy Department has lifted its prediction for American oil prices in 2008 all the way up to $101 a barrel. This is a 7.5% jump from its prior estimate of $94. Looking ahead to 2009, it believes prices will cool off, and fall back down to an average of around $92.50 a barrel, which would be a welcome relief from the current prices, but still marks a 7.5% increase from its previous 2009 estimate.

But don't put too much weight on the Energy Department's predictions. The oil market is just too unpredictable to really put too much faith in such long term predictions. The Department itself hedged its estimates by stating that there is inherently a "significant uncertainty" in oil price predictions.

But what about what is really on our minds: gasoline prices. Gasoline prices have hit record high averages of above $3.30 a gallon and really show no signs of coming back down. According the Energy Department, you can expect to see the national average moving higher between now and June, before peaking around $3.60. That's almost another 10% jump in prices in case you were wondering what the math was on that one. Once again, don't let yourself be fooled -- the $3.60 prediction could be well off the mark, as many analysts are already estimating that $4 gasoline is coming our way.

For now, it really is anyone's guess just how much we are going to be forking over this summer when we fill up our cars. I, for one, would not be at all surprised to be sitting here two months from now writing about $4 gasoline.

What are your predictions? Where do you see gasoline prices heading this summer? Will you let the high price of gas effect your summer travel plans, or will you just deal with the extra cost and take your trips regardless?