Record high gas prices predicted for the NW this year

Seattle area gas prices are currently in the neighborhood of $3.50/gallon, but that may not last long. Fuel price monitoring website GasBuddy.com is predicting the price of regular unleaded will reach a record high of $4.40 to $4.65 a gallon here by Memorial Day weekend.

GasBuddy's annual price forecast sees extreme volatility in 2012, with rising tensions between Iran and the West playing a big role. Other factors include concerns about refinery maintenance and the hurricane season.

GasBuddy sees prices peaking in the late spring and gradually tapering back down over the summer. By the end of the year, prices may be about 20 cents a gallon higher than they are now.