Gas Prices Still Rising, More Increases on the Horizon

gas prices 5 dollarsGas prices have been rising and there seems to be no end in sight.  For many cities across America, current prices are record high for this time of year. Gas prices are over $4 a gallon in 12 states plus the District of Columbia. Most analysts predict $4 will become the norm nationwide by the end of this week.

Gas prices have been on a steady incline since the beginning of February, 2011. With oil prices at their highest levels since 2008, gas prices are expected to continue climbing higher this summer, according to the U.S. Energy Information Association.

According to the AAA Fuel Gauge Report, the average price in the US for a gallon of regular unleaded gas is currently $3.95. Gas stations in California, Hawaii and Florida have already started charging more than $5 per gallon in isolated cases, and CNN.com reported that one station in Orlando, Fla., was charging $5.69 — the highest price in the country.

Oil prices were fluctuating on Monday and closed at over $113 a barrel.  After President Barack Obama announced Osama bin Laden was killed by U.S. forces in Pakistan, oil prices dropped down to $111 a barrel, but then prices climbed back up in afternoon trading.

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