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Gas prices rising at record pace

The unseasonably warm weather isn’t the only sign of an early spring. Roiled by the specter of Iranian oil cutoffs, gas prices are rising at a record pace, crossing the $4-a-gallon threshold in some parts of the country, and threatening to break an all-time high, experts say.

Fears of $5 per gallon gasoline are in the back of some motorists’ minds, jeopardizing the nascent economic recovery and fueling campaign rhetoric during a presidential election year.

“Everybody was worried about Europe as being the precipitating factor to sort of throw the world into a slowdown,” said Tom Kloza, chief oil analyst at Oil Price Information Service. “Higher oil prices could do that too.”

Creeping up steadily over the last month, the national average for a gallon of regular hit $3.57 Monday — up from $3.17 a year ago, according to AAA. Prices typically rise in the spring across the country, as suppliers introduce a warm-weather fuel blend that burns cleaner and costs more money.

Read more at the Chicago Tribune.

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