UPDATED Thursday, May 8 --- 8:00am
Posted Wednesday, May 7 --- 6:00pm

Daily Fuel Gauge Report

As of Thursday morning, gasoline is averaging $3.659 in the Madison area. That's up from $3.608 on Wednesday!

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Some fear the price per gallon of regular will hit $4.00 before the end of Summer.

AAA is not yet predicting we'll reach the four-dollar mark. But, at Wednesday's average of $3.60 in Madison, we're far from where we were just a few years ago.

"With gas prices stuck well above $2 a gallon these days... "

Do you remember those days?

(clip from 2004/2005)

"When it was $2.50, $2.70, that was awesome!"

"$2.35. I remember when it was $2.35."

But, back in February of 2005, drivers were complaining!

"We don't make enough money to be driving around this much! $2.50 is a lot of money," one man said.

It seems little has changed...

"Today, it's just out of control."

Drivers still feel pinched at the pump -- except the price nowadays... closer to four dollars, than to two bucks!

"I thought it was just fine back then. Now it's too expensive. Just way too much."

"I remember talking with friends about let's get in the car and just drive... You know let's take a road trip wherever and now, we stick closer to home."

"I think they're really high compared to a couple of years ago."

But how high?

This graph shows the *average, annual* price at the pump through the years. The blue line represents what drivers pay at the pump -- the nominal price. The red line is the price adjusted for inflation. The graph suggests the price at the pump is reaching record levels when adjusted for inflation.

"I'm planning to get a hybrid. I have a long commute for work and it's really kind of taking a toll."

Pam Moen with AAA Wisconsin says investor speculation plus a weak U.S. dollar is fueling the upward climb in prices.

"If you are an oil producing nation, even though you're getting an all time record 123-dollars for your barrel of oil today, it doesn't translate into as much money in your pocket in your currency when the us dollar is weakened."

Whatever reason, she says it's of little comfort to drivers emptying their wallets to fill their tanks.

"And it seems like things are getting quickly, progressively, higher and higher and higher."

AAA says typically prices spike due to supply and demand but the domestic supply of oil is healthy and demand -- down due to higher prices.