After much thought, deliberation, analysis, and discussion, GasBuddy has released today a revised gasoline price forecast for average prices across the United States.

In our revised forecast, we outline that we believe average gasoline prices may go higher nationally than what we had previously expected in January. While our initial forecast in January called for gasoline prices to average $3.75-$4.15 at their peak in May, we now expect prices nationally to peak between $3.95-$4.35 per gallon.

While we certainly hope that our forecast is shooting too high, we believe through past analysis that our forecasts represent the most likely scenario for gasoline prices.

We have also slightly adjusted the peak prices we expect in just a few cities, while most major cities that we had initially forecast stay the same. Some cities did see minor adjustments to their Memorial Day expected price. Still the highest gas prices are expected to occur in Chicago, where already today prices have set all time record highs.

To see and read the revised forecast for yourself, head over to the document itself, available on GasBuddy's Scribd page.

We very much hope that gasoline prices will not hit record highs, but there certainly remains a very good possibility of such occurring before the year is over. The forecast is available to GasBuddy members and visitors at no charge.