WILMINGTON, CA - MARCH 11:  A gas station its gas prices after oil hits another new record at $109 a barrel on March 11, 2008 in Wilmington, California. The International Energy Agency is warning that high demand in China and other emerging markets is likely to keep prices near the current high levels and the American Automobile Association (AAA) is predicting $4 a gallon gas this summer. The price of regular unleaded is averaging $3.581 in California and $3.227 nationally, surpassing the previous peak hit in May 2007. Getty Images logo Getty Images 15 months ago

WILMINGTON, CA - MARCH 11: A gas station its gas prices after oil hits another new record at $109 a barrel on March 11, 2008 in Wilmington, California. The International Energy Agency is warning that high demand in China and other emerging markets is likely to keep prices near the current high levels and the American Automobile Association (AAA) is predicting $4 a gallon gas this summer. The price of regular unleaded is averaging $3.581 in California and $3.227 nationally, surpassing the previous peak hit in May 2007.