Gasoline could top $5 a gallon this summer, causing more pain for consumers

Gasoline prices are a wildcard for consumer wallets this summer, as tight supply and uncertainty in Ukraine could drive fuel costs sharply higher.

Gasoline prices are climbing towards $5, and they seem set to stay high even beyond the peak driving season in July. Already, Yardeni Research projects households are spending the equivalent of $5,000 a year on gasoline, compared with $2,800 a year ago.

In a normal summer, gasoline prices rise into May and then peak in the middle of the month. Summer driving season kicks off at the end of the month on Memorial Day weekend, with the largest number of…