Experts: Gas Prices Set to Soar This Summer
KANSAS CITY, Mo. — Filling up the gas tank this summer could be an expensive proposition for metro drivers, as analysts say that the slow economy, global demand and trouble in Iran could cause gas prices to soar.
Experts are predicting that gas could be as high as $4 a gallon in Missouri by Memorial Day, and that amount could be even higher in states like New York, Illinois and California where gas prices could easily top $5 a gallon.
According to analysts, tensions with Iran could prompt that country to close off access to the Straits of Hormuz – the primary shipping channel to the Persian Gulf and one of the most critical waterways for oil in the world. That, coupled with increased global demand for diesel and gasoline, are driving the increase at the pump.
AAA says that statistics show the rising cost of fuel in Missouri has caused many to change their driving habits, saying that the number of gallons of gasoline sold in the state in 2011 was below those sold in the previous three years.