February 16 Gas prices nudging $3.50 a gallon locally and could set record highs this summer (Richmond Times-Dispatch)

Transportation economist George E. Hoffer at the University of Richmond sees the potential for a scenario similar to last year: "The economy looks like it is rebounding early. Oil goes up, saps consumer spending power and we have another slowing economy in late spring and summer.

"Weakness in the economy eases oil and gasoline prices again later in the year," Hoffer said.