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Chevron gas station (January 18, 2012) in Los Angeles ... No relief at the pump: Experts warn gas prices could soar up to .95 per gallon in major cities by Memorial Day (15th February 2012) ...
Image by marsmet501
As MSNBC reports, experts attribute the spike to a series of factors, including rising tensions in the Middle east, big east coast refineries shutting down, and increased demand for gas in China and India.
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.....item 1).... Mail Online ... www.dailymail.co.uk/news ... No relief at the pump: Experts warn gas prices could soar up to .95 per gallon in major cities by Memorial Day
By DAILY MAIL REPORTER
Last updated at 8:57 AM on 15th February 2012
www.dailymail.co.uk/news/article-2101373/Experts-warn-gas...
American families are bracing themselves for sticker shock at the pump as gas prices across the nation continue to soar.
Gas averaged more than .53 per gallon in 2011, and this year has yet to bring relief, with analysts predicting the national average to rise to .95 by mid-year - and higher in big cities.
In Chicago, experts say, prices could spike to as much as .95 per gallon for regular unleaded gas.
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img code photo ... Getty Images
i.dailymail.co.uk/i/pix/2012/02/15/article-2101373-11BE9B...
Soaring: Gas prices are displayed at a Conoco Phillips gas station on January 18 in Los Angeles, where prices are expected to climb close to per gallon
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The news comes after record gas prices rang in for January.
According to AAA, the national average was up 13 cents, averaging .51 a gallon across the country.
As MSNBC reports, experts attribute the spike to a series of factors, including rising tensions in the Middle east, big east coast refineries shutting down, and increased demand for gas in China and India.
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The network says price tracking website gasbuddy.com predicts a national average of .95 a gallon by Memorial Day - with gas prices in Atlanta soaring to .60 per gallon, and .70 in Los Angeles, eating up a significant portion of household budgets.
It was estimated American households spent a record ,155 filling up in 2011 - that is 8.4 per cent of what the median family takes in, marking the highest share since 1981.
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imge code photo ... Getty Images
i.dailymail.co.uk/i/pix/2012/02/15/article-2101373-11BE9B...
On the rise: Gas prices are displayed at a Chevron gas station on January 18 in Los Angeles show no relief in sight at the pumps
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High gas prices, experts say, are also taking a disproportionate toll on consumer confidence.
Because the U.S. is an oil-importing country, many of the dollars spent on gas ultimately leave the country instead of being invested here in new ventures and jobs.
Energy trader and consultant The Schork Group said in a report that it continues to think oil prices will fall due to caution in the U.S. at the gas pump after a report showed January retail sales grew only modestly.
'Consumers are spending, but with higher food prices and new iPhones to buy, they are not spending at the pump,' Mr Schork said.
In energy trading, oil rose above 1 a barrel Wednesday in Asia as escalating tensions in the Middle East outweighed lingering concerns about Greece's ability to implement austerity measures to resolve its debt crisis.
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img code photo ... Getty Images
i.dailymail.co.uk/i/pix/2012/02/15/article-2101373-11BE9B...
Gas guzzlers: Travelers sit
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