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$5 A GALLON GAS?
Tuesday, January 17th, 2012 -- 9:11 am
Posted by Riley Hebert-News Director
The new year has greeted us with the highest January gas prices ever, and some analysts say prices could get close to $5 a gallon in some areas during the warm-weather driving season.
The average price for a gallon of regular unleaded gasoline in the United States on Monday was $3.39, according to AAA, 30 cents higher than a year ago. Experts say there are a variety of factors for the rise in prices at the pump.
For one thing, the U.S. economy appears to be in a modest recovery, which likely means more gasoline demand. For another, the possibility of conflict with Iran over its threat to close the Strait of Hormuz has driven a rally in crude oil prices over the past few weeks, increasing input costs for refineries.
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