On January 22, 2008, Tom Kloza of Oil Price Information Service predicted that gas prices would set a record of $3.22 per gallon between March and May of 2008:

[R]ecession or no recession, he expects gasoline prices to surge again to set a new record of over $3.22 a gallon sometime between March and May, when refiners leave stocks low and switch over to summer blends and traders anticipate the high-demand summer driving season.

“The same things that make the rally every spring are still there,” he said.

But from May onward, he said prices could fall quickly, especially if there is a recession.

Still, he doesn’t think they’ll go much below $2.50 a gallon.