WASHINGTON – Gas prices could reach a record price of $4.25 by late April, experts say, which would force more Americans to opt out of luxuries like taking trips.

“You’re going to see a lot more ‘staycations’ this year,” says Michael Lynch, president of Strategic Energy & Economic Research. “When the price gets anywhere near $4, you really see people react.”

Higher gas prices could hurt consumer spending and curtail the recent improvement in the economy.

“A significant run-up in oil prices are an important contributor to an economic malaise,” energy trader and consultant The Schork Group said in a report. “With the U.S. economy starting to show signs of life, high prices now just might kill this recovery in the cradle.”

A 25-cent jump in gasoline prices, if sustained over a year, would cost the economy about $35 billion.

Typically, people choose a staycation (taking time off from work but remaining at home) because of higher gas prices, more costly airline tickets or other economic factors, such as unemployment and weak currency rates.

Some local residents say the higher prices will mean they will vacation closer to home, while others are changing what they do every day because of it. They will drive less and take public transportation more.

With higher gas prices, are you making any changes in your commute or with an upcoming vacation? Post a comment in this story, comment on WTOP’s Facebook Page or use #WTOPTalkback on Twitter.

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