Gas Prices Could Hit 5-Year High

Experts say fuel prices could rise 5 to 15 cents per gallon this summer.
1:27 | 07/22/13

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Thousand to surging gas prices. On track to be the most expensive during the summer in five years. The national average this morning now $3.67, up 6 cents from last week, 20 cents from a year ago. So are we headed toward $4 a gallon gas? Abc's rebecca jarvis is here with more and that's the burning question, rebecca. It is the burning question, robin. Good morning, and this morning americans in at least 13 major u.S. Cities are paying $4 or more for a gallon of gas. Take a look at this. From the east coast of the entire country in new haven, connecticut, to the middle of the country in chicago, illinois averaging $4.17 a gallon to santa barbara where consumers are paying $4.16 we see the pain across the country. How much higher? The experts tell us we could see gas prices climb another 5 to 15 cents this summer. What's causing the uptick? Well, typically at this time of the year if you take a look at this, we do see prices tend to rise because more people are hitting the roads on vacation. That uses up more gas. But this summer is specifically different because of tensions in egypt. Egypt controls a big portion of the world's crude oil. They've been having problems there and that has been putting us on track for the most expensive summer in five years for gasoline, robin. All right, rebecca, thank you very much. We have the double whammy because electric bills will go up too.

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