Gasoline Prices Skyrocket at Record Rate Gasoline prices rose a record 12 cents per gallon in the last two weeks, and may increase another 20 cents by summer, according to industry analysts. That's the fastest gas price increase ever, although when adjusted for inflation prices are still lower than in the gas crunch of 1980, the survey found. The chief reason for the increase was the decision by the Organization of Oil Producing Countries to cut production. OPEC is expected to reverse course at a meeting later this month, but it still may take months for the extra oil to reach consumers. Economists worry that OPEC's decision could drive up inflation throughout the economy, and has already forced up air fares and home heating oil rates.
Fuel prices are also likely to become an issue in the presidential campaign.
For additional context on inflation, visit our issue guide on The Economy .