Iran Oil Standoff: Would Gas Jump to 5 Per Gallon?

Bianna Golodryga on the possibility of a large jump in gas prices by spring.
1:17 | 12/29/11

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:



Skip to this video now

Now Playing:


More information on this video
Enhanced full screen
Explore related content
Related Extras
Related Videos
Video Transcript
Transcript for Iran Oil Standoff: Would Gas Jump to 5 Per Gallon?
Let's get on how this could affect. Our gas prices at home with ABC's beyond my ability to -- of course follows our markets force and what are the chances truly that gas prices could in fact. Jumped five dollars a gallon they are significant and those that unfortunately not the next few weeks to by the spring we could very -- see that we're not that far away right now -- look at it were ever to reach when he gallant. We're gonna start the new year off at a record high and right now we're close to 100 dollars a barrel for oil we could see a 10020 some analysts are expecting so be prepared -- by -- gallon by next summer and if this threat from Iran comes as the US threatens to impose economic sanctions. And even those sanctions could lease to it lead to a jump in oil and gas prices here in the US any sort of tension any sort of increasing instability. Can lead to a rise in prices while we're seeing consumers just starting to come back just starting -- -- Better about the economy. This could hit -- the worst time. I was going to -- right as we're getting back in and making. Recovery how could this affect any sort of -- for us if you look at where we were -- -- beginning of the year we were just starting to see an economic recovery as well. After the tsunami in Japan when oil prices started spiking again without the economy taken notes that. Oil prices and gas prices are very important for consumers there's -- a report thousand dollars. An average household I'm -- with -- picture right behind me -- thank you so much.

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

{"id":15251960,"title":"Iran Oil Standoff: Would Gas Jump to 5 Per Gallon?","duration":"1:17","description":"Bianna Golodryga on the possibility of a large jump in gas prices by spring.","url":"/GMA/video/iran-oil-standoff-gas-jump-gallon-15251960","section":"GMA","mediaType":"default"}