NEW YORK (CNNMoney)
Gas prices have already risen 9% since the beginning of the year just seven short weeks ago. AAA reports the national average for a gallon of gas is $3.56, a number that has been steadily going up over the past 13 weeks.
Dan Dicker, oil trader and author of “Oil’s Endless Bid” expects the price for a gallon of unleaded gasoline is likely to average $4 nationwide in the US some time this summer. 2008 was the last time US prices topped $4 was 2008. Dicker figures there are 1:2 odds that the price of gas could reach $5 a gallon.
High gas prices could impinge the economic recovery as consumers cut down on other spending to fill up their cars. Higher gas prices in January were blamed for an increase in inflation. Consumers and companies suffer alike, facing increasing shipping costs, and slowing job growth.
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