Rising Gas Prices Taking Their Toll

By Scott Sarvay
By Megan Trent

February 21, 2012 Updated Feb 21, 2012 at 11:25 PM EDT

UNDATED (Indiana’s NewsCenter) - You've probably seen gas prices shot back up to the $3.50 range this weekend.

With oil prices at 9-month highs and ongoing tensions with Iran, high gas prices could be a growing trend heading into spring.

Over the past month, gas prices have soared 18 cents a gallon, and it might get even worse. Economists predict the national average could reach $4.25 by late April and nearly $5 a gallon by Memorial Day.

As if those predictions weren't bad enough a new concern that could make it worse: Iran is halting oil exports to France and Britain as a pre-emptive strike for the European Union's tough new sanctions over its nuclear program.

Gas Prices could also become a major election year issue. At the White House, the Obama Administration is looking at ways to boost energy production here in the US.

In the meantime, some Americans are looking for ways around buying gas.




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