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Gas Prices Could Hit $5 A Gallon By Summer

Justin Sullivan, Getty Images

Last week analysts were predicting gas prices could reach $4.50 a gallon by Memorial Day and now experts are saying they could soar to $5 a gallon, according to GasBuddy.com. They say if it does reach $5, you can expect to see gas prices around this same price for the entire summer.

There is a higher demand for crude oil now that the economy is slowly improving and another factor for higher gas prices is Iran’s nuclear weapons goals. As the U.S. imposes sanctions, the country responds with threats to close a key oil transit pathway.

Regardless, it’s ridiculous that gas could actually be $5 a gallon in just a few months. It’s probably time to invest in a bike and start riding into work once it gets a little warmer.

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