Gas Prices Could Skyrocket After Iran Tensions

Fuel costs have spiked to a record high for February.
2:01 | 02/21/12

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Transcript for Gas Prices Could Skyrocket After Iran Tensions
Gas prices headed for the new high and what's behind the -- that escalating showdown with Iran over its nuclear program so how high could prices go. ABC Cecilia Vega has more in Los Angeles where five dollar -- gallon gas already a reality there Cecelia. Yeah -- -- -- 509 for the premium check this out for 93 for regular and it could soon look this way all around the country. This morning it's the reality -- commuters across the country soaring gas prices that seemed to have nowhere to go but up. People get in the cars they drive a bit more. In the spring and certainly -- summer vacations come in that kind of pressure could keep pressure on gasoline prices. For awhile. The average price of gas nationwide has never been higher this time -- here. A gallon of regular right now three dollars and 56 cents. Up 39 cents over last February and prices are predicted to sky -- four dollars and 25 cents by April. Cities like LA -- Philadelphia and Miami are already averaging over three dollars and sixty cents a gallon. And it's not just gas oil prices spiked to a nine month high thanks in part to rising tensions with Iran. That could have sweeping consequences on drivers budgets and the entire nation's economy. A -- -- -- increasing gas over a year's time would cost the economy a whopping. 35 billion dollars and brace for it to only get worse some predictions show gas reaching five dollars a gallon by Memorial Day that would make the country's record high of four dollars and eleven cents a gallon back in 2008. -- -- it down right bargain. Gold prices this high you might think that drivers and just go somewhere else maybe even stay home that is not the Vick case at this station we have still see people filling up here despite this expensive gas in Georgia one expert tells us. The situation does not look good for the American consumer certainly does not see -- thanks very much.

This transcript has been automatically generated and may not be 100% accurate.

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