Gas Prices Spike 40 Cents

The White House considers tapping into the strategic oil reserve to relieve the pressure.
3:00 | 08/18/12

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Transcript for Gas Prices Spike 40 Cents
Now to the pain we're all feeling at the pump. Gas prices spiked nearly 40 cents in just the past month. With some experts predicting that 2012 may be the most expensive year ever to drive in the united states. Would tapping into the oil reserve relieve pressure at the pump? John schriffen has more from chicago. Reporter: No one is feeling the pain at the pump more than drivers in chicago. Paying the highest price on average in the country at $4.65. At the beginning of the summer, analysts predicted we could see $5 around the country. Then we saw places popping up just under $3. Now the trend has reversed. We could be on pace for the most expensive year at the pump ever. You think the price of gas has gone up in your neighborhood, you're not alone. In the last two weeks in washington, it went from $3.67 to $3.93. That's 26 cents a gallon. California, it's up 27 cents to $4.10. In oregon, a whopping 29 cents a gallon. It's difficult to go long distances. Can't afford it. Reporter: What's caused the unpleasant end-of-summer surprise? Refinery fires, rising ethanol costs. The white house is considering releasing some of the country's strategic oil reserves. It's an option that is on the table. We could use all resources to bring gas prices down, why not? Reporter: But patrick from gasbuddy.Com does not agree. It's supposed to be used in times of w or real disruptions in oil sup plies. It's not soezed to be used to bring down the price of oil without disruption. Reporter: Yet, many we talked to, especially with families, think this could be the good news they've been looking for. That would make me happy. I could buy more things for my kids. Reporter: As the summer comes to an end, demand goes down. It becomes cheaper to produce gasoline. We could see prices fall by mid to late september, dan.

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