Sunday, March 6, 2011 – 09:50 a.m.

The price for a gallon of regular unleaded gas is rapidly approaching the $4 threshold this Sunday morning.

The price is likely to hit the mark by this coming Tuesday after the wholesale market fully reflects last Friday’s spike in the price of West Texas Intermediate Light Sweet Crude Oil to over $104 per barrel.

What’s interesting here is the price of gas is outpacing the run-up of a few years back, when crude oil hit $148 per barrel.

Prices will actually have a fair chance at nearing the $5 per gallon mark sooner rather than later.

Especially in California.

The state with the highest gas tax.

The switch-over to the more expensive environmentally-friendly “summer-blend” is coming to a gas pump near you.

Plus the additional 14-15 cents, give or take, per gallon increase.