Price of Gas Could Soar to $4 Per Gallon, Analysts Say

Price of Gas Could Soar to $4 Per Gallon, Analysts Say

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gas meterDon’t look now, but we could all be looking at $4 gas prices sooner than you can say “hybrid.”

The price of a gallon of gas reached $4.01 this week, which CNN Money reports is the highest prince since March — only Hawaii and Alaska reportedly had prices so high.

One agency says that some regions will be more affected than others.

“Motorists were understandably frustrated and squeezed by soaring prices and these dramatic price swings underscored the volatility that has become all too familiar in recent years,” Director of Federal Relations Chris Plaushin told a special Senate committee Tuesday.

No kidding.

A story in the The Boston Globe reported that world events — particularly the crises in Syria and Egypt — are impacting the prices as well.

From the Globe:

Even though oil imports are approaching 20-year lows, and the United States is enjoying a boom in new fuel sources, gasoline prices are soaring again because of political troubles halfway around the world. The civil unrest and military coup in Egypt – a relatively small exporter of crude oil – and the ongoing in-fighting in Syria have energy markets worried that the unrest could spread to other oil-producing countries in the region, disrupting supplies. 

In just the last week, gas prices in Massachusetts jumped 14 cents, to $3.62 a gallon, according to AAA Southern New England. Crude oil prices are also rising quickly and now top $100 a barrel. Analysts believe gas prices are going to climb another 5 cents or more a gallon.

At least for now, these developments might quell talk of the $2-a-gallon gas price.