Gas Prices Up 15 Cents a Gallon in a Week

ABC News' Betty Liu discusses what prices at the pump mean for drivers and the economy.
1:19 | 07/16/13

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Transcript for Gas Prices Up 15 Cents a Gallon in a Week
the gas prices are skyrocketing, too. 15 cents in the last week. You see it more than 20 cents over the last year. For everyone who drives and the economy, let's bring our newest contributor, betty liu. Great to have you here. Gas prices are surging. And the average price of gas right now is $3.64 a gallon. In some cities, we're talking about $4 and above a gallon. If prices stay at this level, it can cost you $200 or more over the next year to fill up your gas tank. What's behind all of this? You have turmoil in the middle east. The unrest in egypt is creating instability and raising prices. And back here in the united states, people are hitting the roads. They're going on vacation. They're filling up their gas tanks. If this is partly seasonal, the price spike last long enough to hurt the economy? If you see the spike in gas prices, immediately you can see an impact. Economists are telling me in two to three months, that's when the sticker shock will really hit consumers. Come september, october, right when the critical holiday shopping season is beginning, that's when consumers will start to pull back on their spending. That could hurt a fragile economy. An economy that's been hit by higher taxes and cuts in government spending. Turning to the latest on the

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

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